Demonstra??es Financeiras em Padr?es Internacionais

Fibria Celulose S.A.
Unaudited Consolidated Interim Financial

Information at June 30, 2015
and Report on Review of Interim
Financial Information
REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION

To the Board of Directors and Shareholders
Fibria Celulose S.A
So Paulo SP
Introduction
We have reviewed the accompanying consolidated interim accounting information of Fibria
Celulose S.A., for the quarter ended June 30, 2015, comprising the balance sheet at that date the
statements of income and comprehensive income for the quarter and six-month periods then
ended, the statements of changes in equity and cash flows for the six-month period then ended,
and a summary of significant accounting policies and other explanatory information.
Management is responsible for the preparation of the consolidated interim accounting information
in accordance with the Deliberation CVM 673/11 (which approved accounting standard CPC
21(R1) - Interim Financial Reporting), and International Accounting Standard (IAS) 34 - Interim
Financial Reporting issued by the International Accounting Standards Board (IASB).
Our
responsibility is to express a conclusion on this interim accounting information based on our
review.
Scope of the review
We conducted our review in accordance with Brazilian and International Standards on Reviews of
Interim Financial Information (NBC TR 2410 Review of Interim Financial Information Performed
by the Independent Auditor of the Entity and ISRE 2410 Review of Interim Financial Information
Performed by the Independent Auditor of the Entity, respectively). A review of interim information
consists of making inquiries, primarily of persons responsible for financial and accounting matters,
and applying analytical and other review procedures. A review is substantially less in scope than
an audit conducted in accordance with Brazilian and International Standards on Auditing and
consequently does not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly, we do not express an audit
opinion.
Conclusion on the consolidated interim information
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying consolidated interim accounting information referred to above has not been
prepared, in all material respects, in accordance with Deliberation CVM 673/11 and IAS 34.
So Paulo, July 21, 2015.
Eduardo Affonso de Vasconcelos

Accountant CRC-1SP166001/O-3
Baker Tilly Brasil Auditores Independentes S/S
CRC-2SP016754/O-1
2

Unaudited consolidated balance sheet at
In thousands of Reais
Assets
June 30,
2015
December 31,
2014
Current
Cash and cash equivalents (Note 7)
Marketable securities (Note 8)
Derivative financial instruments (Note 9)
Trade accounts receivable, net (Note 10)
Inventory (Note 11)
Recoverable taxes (Note 12)
Other assets
684,536
701,361
26,338
691,493
1,454,708
183,306
120,466
461,067
682,819
29,573
538,424
1,238,793
162,863
147,638
3,862,208
3,261,177
Non-current
Related parties receivables (Note 14)
Recoverable taxes (Note 12)
Advances to suppliers
Judicial deposits (Note 20)
Deferred taxes (Note 13)
Assets held for sale (Note 1(b))
Other assets
71,518
175,026
9,308
1,857,580
700,572
195,582
1,511,358
598,257
85,529
51,350
161,320
7,969
1,752,101
695,171
192,028
1,190,836
598,257
91,208
Investments (Note 15)

Biological assets (Note 16)
Property, plant and equipment (Note 17)
Intangible assets (Note 18)
95,163
3,810,293
9,007,120
4,520,937
79,882
3,707,845
9,252,733
4,552,103
22,638,243
22,332,803
26,500,451
25,593,980
Total assets
3 of 43

Unaudited consolidated balance sheet at
(continued)
June 30,
2015
December 31,
2014
893,931
247,662
636,575
110,664
97,633
152
99,109
965,389
185,872
593,348
135,039
56,158
38,649
124,775
2,085,726
2,099,230
8,121,375
593,017
98
256,719
146,363
477,000
256,745
7,361,130
422,484
124
266,528
144,582
477,000
207,197
9,851,317
8,879,045
Total liabilities
11,937,043
10,978,275
Shareholders' equity
Share capital
Share capital reserve
Treasury shares
Statutory reserves
Other reserves
Accumulated earnings
9,729,006
6,567
(10,378 )
3,117,291
1,620,826
42,388
Liabilities and shareholders' equity

Current
Loans and financing (Note 19)
Trade payables
Payroll, profit sharing and related charges
Taxes payable
Dividends payable
Other payables
Non-current
Taxes payable
Deferred taxes (Note 13)
Provision for contingencies (Note 20)
Liabilities related to the assets held for sale (Note 1(b))
Other payables
Equity attributable to shareholders of the Company
9,729,006
3,920
(10,346 )
3,228,145
1,613,312
14,505,700
14,564,037
57,708
51,668
Total shareholders' equity
14,563,408
14,615,705
Total liabilities and shareholders' equity
26,500,451
25,593,980
Equity attributable to non-controlling interests
The accompanying notes are an integral part of these unaudited consolidated interim financial information.
4 of 43

Unaudited consolidated statement of profit or loss
In thousands of Reais, except for the income per shares
2015
April 1 to
June 30,
(three months)
June 30,
(six months)
2014
April 1 to
June 30,
(three months)
June 30,
(six months)
2,309,319
(1,441,056 )
4,306,385
(2,713,321)
1,693,845
(1,450,976 )
Gross profit
868,263
1,593,064
242,869
637,406
Operating income (expenses)

Selling expenses (Note 23)
General and administrative (Note 23)
Equity in income/losses of associate
Other operating income (expenses), net (Note 23)
(106,637 )
(81,158)
(40 )
6,384
(201,968)
(153,926)
750
(14,210)
(87,857 )
(62,344 )
(167,061)
(130,715)
914,702
920,443
(181,451 )
(369,354)
764,501
622,667
686,812
1,223,710
1,007,370
1,260,073
44,449
(136,689 )
229,825
183,323
80,991
(247,119)
(318,972)
(939,802)
37,365
(277,679 )
58,973
113,011
70,052
(750,649)
178,551
263,839
320,908
(1,424,902)
(68,330)
(238,207)
1,007,720
(201,192)
939,040
1,021,866
(18,743 )
(374,557 )
(78,601)
328,221
(89,567 )
(218,475)
(101,390)
(270,074)
Net income for the period
614,420
48,428
630,998
650,402
Attributable to
Shareholders of the Company
611,748
42,388
629,692
646,761
2,672
6,040
1,306
3,641
614,420
48,428
630,998
650,402
Basic earnings per share - in Reais (Note 25(a))
1.105
0.077
1.137
1.168
Diluted earnings per share - in Reais (Note 25(b))
1.104
0.076
1.137
1.168
Revenues (Note 21)

Cost of sales (Note 23)
Income before financial income and expenses

Financial income (Note 22)
Financial expenses (Note 22)
Result of derivative financial instruments, net (Note 22)
Foreign exchange losses/gains, net (Note 22)
Income (loss) before income taxes

Income taxes
Current (Note 13)
Deferred (Note 13)
Non-controlling interest
5 of 43
3,336,176
(2,698,770)

Unaudited consolidated statement of comprehensive income
In thousands of Reais, except for the income per shares
2015

Other comprehensive income
Items that may be subsequently reclassified to profit or loss
Foreign exchange effect on available-for-sale
financial assets Ensyn
Tax effect thereon
Total other comprehensive income (loss) for the
period, net of taxes
April 1 to
June 30,
(three months)
614,420
June 30,
2014
(six months)
April 1 to
June 30,
(three months)
(six months)
48,428
630,998
650,402
(2,688)
914
11,384
(3,870)
(1,774)
7,514
June 30,
Total comprehensive income for the period, net of taxes
612,646
55,942
630,998
650,402
Attributable to
Shareholders of the Company
Non-controlling interest
609,974
2,672
49,902
6,040
629,692
1,306
646,761
3,641
612,646
55,942
630,998
650,402
6 of 43

Unaudited statement of changes in shareholders' equity
In thousands of Reais, unless otherwise indicated
Capital
As at December 31, 2013
9,740,777
Capital
Transaction
costs of the
capital
increase
(11,771 )
Other reserves
Capital
reserve
2,688
Treasury
shares
Statutory reserves
Other
comprehensive
income
Legal
Investments
1,614,270
303,800
2,805,481
(10,346 )
Total income
Net income and other comprehensive
income for the period
As at June 30, 2014
9,740,777
(11,771 )
2,688
(10,346 )
1,614,270
303,800
2,805,481
As at December 31, 2014
9,740,777
(11,771 )
3,920
(10,346 )
1,613,312
311,579
2,916,566
Total income
Other comprehensive income for the
period
7,514
7,514
Transactions with shareholders

Repurchase of shares
Dividends distributed
Stock options program
As at June 30, 2015
Total
14,444,899
46,355
14,491,254
646,761
646,761
3,641
650,402
646,761
15,091,660
49,996
15,141,656
14,564,037
51,668
14,615,705
42,388
42,388
6,040
48,428
42,388
7,514
49,902
6,040
7,514
55,942
(32 )
(32 )
(110,854)
2,647
(110,854)
2,647
9,740,777
(11,771 )
6,567
(10,378 )
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Total
Noncontrolling
interest
Retained
earnings
1,620,826
311,579
2,805,712
42,388
14,505,700
(32 )
(110,854 )
2,647
57,708
14,563,408

Unaudited consolidated statement of cash flows
June 30,
2015
Income (loss) before income taxes
Adjusted by
Depreciation, depletion and amortization
Depletion of wood from forestry partnership programs
Foreign exchange losses, net
Change in fair value of derivative financial instruments
Equity in losses of jointly-venture
Loss on disposal of property, plant, equipment and biological assets, net
Interest and gain/losses from marketable securities
Interest expense from loans and financing
Change in fair value of biological assets
Financial charges on bonds upon partial repurchase
Impairment of recoverable taxes - ICMS
Tax credits
Stock options program
Provisions and other
Decrease (increase) in assets
Trade accounts receivable
Inventory
Recoverable taxes
Other assets
Increase (decrease) in liabilities
Trade payables
Taxes payable
Other payables
Cash provided by operating activities
Interest received - marketable securities
Interest paid - loans and financing
Income taxes paid
Net cash provided by operating activities
8 of 43
June 30,
2014
(201,192)
1,021,866
896,126
29,866
939,802
318,972
(750)
2,658
(38,380 )
207,856
(29,831 )
847,601
51,536
(263,839 )
(178,551)
42,682
2,647
1,539
3,792
(45,380)
245,718
(87,192)
456,417
47,606
(849,520 )
15,168
(17,531 )
(151,571 )
(165,356 )
(7,023 )
(115,024 )
(27,274)
(69,953 )
151,996
(9,452 )
7,678
(24,375 )
8,700
42,109
(23,753)
(34,537 )
(10,735 )
1,813,065
36,784
(178,726 )
(45,807 )
1,625,316
1,178,051
42,994
(239,020 )
(5,147 )
976,878

Unaudited consolidated statement of cash flows
(continued)
June 30,
2015
Cash flows from investing activities
Proceeds from sale of land and building - Asset Light project
Acquisition of property, plant and equipment, intangible assets and forests
Advances for acquisition of wood from forestry partnership program
Subsidiary incorporation - Fibria Innovations (Note 15)
Marketable securities, net
Proceeds from sale of property, plant and equipment
Derivative transactions settled (Note 9(c))
Others
(751,593 )
(34,371 )
(11,630 )
(26,636 )
30,291
(97,122)
(10)
Net cash provided by (used in) investing activities
(891,071)
Cash flows from financing activities

Borrowings - loans and financing
Repayments - loans and financing - principal amount
Premium paid on bond repurchase transaction
Dividends paid
Others
Net cash used in financing activities
Effect of exchange rate changes on cash and cash equivalents
422,891
(827,050)
(149,350 )
4,400
(549,109)
June 30,
2014
902,584
(703,719 )
(16,679 )
136,996
(7,861)
(20,371)
(615)
290,335
2,427,458
(3,513,267 )
(325,668 )
6,290
(1,405,187)
38,333
(76,570)
Net increase (decrease) in cash and cash equivalents
223,469
(214,544 )
Cash and cash equivalents at beginning of the period
461,067
1,271,752
Cash and cash equivalents at end of the period
684,536
1,057,208
9 of 43

Notes to the unaudited consolidated interim
financial information at June 30, 2015
Operations and current developments
(a)
General information
Fibria Celulose S.A. is incorporated under the laws of the Federal Republic of Brazil, as a publicly-held
company. Fibria Celulose S.A. and its subsidiaries are referred to in this consolidated interim financial
information as the "Company", "Fibria", or "we". We have the legal status of a share corporation,
operating under Brazilian corporate law. Our headquarters and principal executive office is located in
So Paulo, SP, Brazil.
We are listed on the stock exchange of So Paulo (BM&FBOVESPA) and the New York Stock Exchange
(NYSE) and we are subject to the reporting requirements of the Brazilian Comisso de Valores
Mobilirios (CVM) and the United States Securities and Exchange Commission (SEC).
Our activities are focused on the growth of renewable and sustainable forests and the manufacture and
sale of bleached eucalyptus kraft pulp. Forests in formation are located in the States of So Paulo, Mato
Grosso do Sul, Minas Gerais, Rio de Janeiro, Esprito Santo and Bahia.
We operate in a single operating segment, which is the producing and selling of short fiber pulp, with
our pulp production facilities located in the cities of Aracruz (State of Esprito Santo), Trs Lagoas (State
of Mato Grosso do Sul), Jacare (State of So Paulo) and Veracel (State of Bahia) (jointly- controlled
entity).
The pulp produced for export is delivered to customers by sea vessels on the basis of long-term contracts
with the owners of these vessels, through the ports of Santos, located in the State of So Paulo (operated
under a concession from Federal Government until 2017) and Barra do Riacho, located in the State of
Esprito Santo (operated by our subsidiary Portocel - Terminal Especializado Barra do Riacho S.A.).
(b)
Non-current assets held for sale

Losango project assets
On December 28, 2012, the Company and CMPC Celulose Riograndense Ltda. ("CMPC") signed the
definitive Purchase and Sale Agreement for the sale of all of the Losango project assets, comprising
approximately 100 thousand hectares of land owned by Fibria and approximately 39 thousand hectares
of planted eucalyptus and leased land, all located in the State of Rio Grande do Sul, in the amount of R$
615 million. On this date the first installment of the purchase price, amounting to R$ 470 million, was
paid to us. The second installment, amounting to R$ 140 million, was deposited in an escrow account
and will be released to us once additional government approvals are obtained. On November 2014, we
received an additional R$ 7 million as an advance from CMPC. The final installment of R$ 5 million is
payable to us upon the completion of the transfer of the existing land lease contracts for the assets, and
the applicable government approvals. The sale and purchase agreement establishes a period of 48
months, renewable at the option of CMPC for an additional 48 months, to obtain the required
government approvals. If this approval is ultimately not obtained, we will be required to return to CMPC
the amount paid to us, plus interest and the escrow deposits made by CMPC will revert. We have
recorded the amount received as a liability under "Advances received in relation to assets held for sale".
Since the signing of the Purchase and Sale Agreement with CMPC, we have taken action to obtain the
approvals needed, such as the fulfillment of all conditions precedent, the partial renewal of the operating
license of the areas and obtaining the documentation to be presented to the applicable government
10 of 43

agencies. The consistent progress in obtaining these approvals indicates that favorable resolution will be
achieved.
We have concluded that these assets should remain classified as assets held for sale. However, the
completion of the sale is not under our sole control and it depends on various government approvals,
which have been slower than expected. Accordingly we have concluded that they should continue to be
classified as non-current assets held for sale as at June 30, 2015.
The Losango assets did not generate any significant impact in the unaudited consolidated statement of
profit or losses for the six-month period ended June 30, 2015 and 2014.
(c)
Approval of the expansion plan of the Trs Lagoas Unit

On May 14, 2015, the Board of Directors approved the expansion plan of the Company consisting of the
construction of the second line of pulp production in the unit of Trs Lagoas, state of Mato Grosso do
Sul, called Horizonte 2 Project.
The Horizonte 2 Project consists in the construction of a new bleached eucalyptus pulp production line
with capacity of 1.75 million tons per year and an estimated investment of R$ 7.7 billion. The startup of
the new production line is projected for the fourth quarter of 2017.
The Project will be financed by the free cash flow of the Company and financing, in accordance to the
limits established on the Indebtedness Management Policy.
Presentation of consolidated interim financial information

and summary of significant accounting policies
2.1
Consolidated interim financial information - basis of preparation
(a)
Accounting policies adopted

The consolidated interim financial information has been prepared and is being presented in accordance
with IAS 34 and Deliberation 673/11 issued by the Brazilian Securities and Exchange Commission
(CVM), which approved the CPC 21(R1) - Interim Financial Reporting as issued by the International
Accounting Standards Board (IASB) and the Accounting Statements Committee Standards (CPC).
The consolidated interim financial information should be read in conjunction with the audited financial
statements for the year ended December 31, 2014, considering that its purpose is to provide an update
on the activities, events and significant circumstances in relation to those presented in the annual
financial statements.
The current accounting practices, which include the measurement principles for the recognition and
valuation of the assets and liabilities, the calculation methods used in the preparation of this interim
financial information and the estimates used, are the same as those used in the preparation of the most
recent annual financial statements, except to the items related to the adoption of the new standards,
amendments and interpretations issued by IASB and CVM, as detailed in Note 3 below.
11 of 43

(b)
Approval of the consolidated

interim financial information
The consolidated unaudited interim financial information was approved by the Board of Directors on
July 21, 2015.
2.2
Critical accounting estimates

and assumptions
Estimates and assumptions are continually evaluated and are based on historical experience and other
factors, including expectations of future events that are believed to be reasonable under the
circumstances. Accounting estimates will seldom match the actual results. In the six-month period
ended June 30, 2015, there were no significant changes in the estimates and assumptions which are
likely to result in significant adjustments to the carrying amounts of assets and liabilities during the
current financial year, compared to those disclosed in Note 3 to our most recent annual financial
statements.
New standards, amendments and

interpretations issued by IASB and CVM
The standards below have been issued and are effectives for future periods. We have not early adopted
these standards.
Standard
IFRS 9 - Financial
Instruments
Effective
date
January 1,
2018
IFRS 15 - Revenue
January 1,
2017
IAS 41 - Agriculture
(equivalent to CPC 29 Biological Assets and
Agricultural Produce)
January 1,
2016
Main points introduced by the

standard
The main change is that, in cases where
the fair value option is taken for financial
liabilities, the part of a fair value change
which is due to an entitys own credit risk
is recorded in other comprehensive
income rather than the income statement.
This accounting standard establishes the
accounting principles to be followed by
entities to determine and measure
revenue and when the revenue should be
recognized.
The bearer plants should be accounted
for as property, plant and equipment (IAS
16/CPC 27), i.e., at cost less depreciation
or impairment provision. Bearer plants
are defined as those used to produce fruit/
regenerate for several years, but the plant
itself, once mature, does not suffer
relevant changes.
Impacts of the
adoption
The Company is currently
assessing the impacts of
the adoption.

the adoption.

the adoption.
There are no other IFRSs or IFRIC interpretations that are not yet effective that the Company expect to
have a material impact on the Companys financial position and results of operations.
12 of 43

Risk management
The risk management policies and financial risk factors disclosed in the annual financial statements
(Note 4) did not show any significant changes. The Companys financial liabilities which present
liquidity risk are presented below by maturity (Note 4.1), exchange risk exposure (Note 4.2), sensitivity
analysis (Note 5) and fair value estimates (Note 6), which was considered relevant by Fibrias
management to be accompanied quarterly.
4.1
Liquidity risk
The table below presents the financial liabilities into relevant maturity groupings based on the
remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in
the table are the contractual undiscounted cash flows and as such they differ from the amounts
presented in the consolidated balance sheet.
Between
Between
Less than
one and
two and
Over five
one year
two years
five years
years
At June 30, 2015
Loans and financing
Derivative instruments
Trade and other payables
At December 31, 2014

Loans and financing
Trade and other payables
4.2
1,128,158
257,063
735,683
2,046,055
208,473
74,333
4,991,813
729,007
35,668
2,567,315
102,115
35,682
2,120,904
2,328,861
5,756,488
2,705,112
1,156,951
178,964
725,123
2,105,192
142,662
36,927
4,353,071
504,133
30,546
2,203,134
74,545
34,087
2,061,038
2,284,781
4,887,750
2,311,766
Foreign exchange risk
Assets in foreign currency

Cash and cash equivalents (Note 7)
Trade accounts receivable (Note 10)
Liabilities in foreign currency

Trade payables
Derivative instruments (Note 9(a))
Liability exposure
13 of 43
June 30,
2015
December 31,
2014
669,178
621,779
279,664
61,352
496,493
1,290,957
837,509
7,093,849
47,964
789,322
6,280,545
72,263
538,451
7,931,135
6,891,259
(6,640,178)
(6,053,750)

Sensitivity analysis
Sensitivity analysis of changes in foreign currency
The Companys significant risk factor, considering the period of three-month period for the evaluation is
its U.S. Dollar exposure. We adopted as the probable scenario the fair value considering the market yield
as at June 30, 2015.
To calculate the probable scenario the closing exchange rate at the date of these consolidated interim
financial information was used (R$ x USD = 3.1026). As the amounts have already been recognized in
the consolidated interim financial information, there are no additional effects in the income statement in
this scenario. In the Possible and Remote scenarios, the US Dollar is deemed to
appreciate/depreciate by 25% and 50%, respectively, before tax, when compared to the Probable
scenario:
Impact of an appreciation/depreciation of the
real against the U.S. Dollar
on the fair value - absolute amounts
Options
Swap contracts
Loans and financing
Marketable securities
Possible (25%)
Remote (50%)
344,594
577,949
1,634,019
120,226
958,547
1,155,798
3,268,038
240,452
Sensitivity analysis in changes in interest rate

We adopted as the probable scenario the fair value considering the market yield as at June 30, 2015. As
the amounts are already recognized in the consolidated interim financial information, there are no
additional effects in the income statement in this scenario. In the Possible and Remote scenarios, the
interest rates are deemed to increase/decrease by 25% and 50%, respectively, before tax, when
compared to the Probable scenario:
14 of 43

Impact of an increase/decrease of the interest

rate on the fair value - absolute amounts
Possible (25%)
Remote (50%)
Loans and financing

LIBOR
Currency basket
TJLP
Interbank Deposit Certificate (CDI)
372
1,604
1,402
1,557
669
3,207
2,878
3,072
LIBOR
TJLP
13,668
2,597
20,587
27,442
5,307
39,711
Marketable securities (a)

3,180
6,110
(a) Only marketable securities indexed to post-fixed rate were considered in the sensitivity analysis above.
Sensitivity analysis in changes in the

United States Consumer Price Index - US-CPI
To calculate the Probable scenario, we used the US-CPI index at June 30, 2015. The Probable
scenario was stressed considering an additional increase/decrease of 25% and 50% in the US-CPI.
Impact of an appreciation of the
US-CPI at the fair value - absolute amounts
Embedded derivative in forestry partnership and

standing timber supply agreements
Possible (25%)
Remote (50%)
137,434
284,214
Fair value estimates

In the six-month period ended June 30, 2015, there were no changes in the criteria of classification of
the assets and liabilities in the levels of the fair value hierarchy when compared to the criteria used in the
classification of those instruments disclosed in Note 6 to our most recent annual financial statements as
at December 31, 2014.
15 of 43

June 30, 2015

Level 1
Level 2
Level 3
Total
14,939
201,364
14,939
Recurring fair value measurements

Assets
At fair value through profit and loss
Derivative instruments (Note 9)
Warrant to acquire Ensyn's shares (Note 15)
201,364
105,665
589,217
Available for sale financial assets

Other investments - Ensyn (Note 15)
Biological asset (Note 16) (*)
Total assets
105,665
790,581
694,882
79,116
79,116
3,810,293
3,810,293
3,904,348
4,800,594
Liabilities
840,679
840,679
Total liabilities
840,679
840,679
December 31, 2014
Level 1
Level 2
Level 3
Total
11,791
190,893
11,791
682,819
67,733
67,733
3,707,845
3,707,845
3,787,369
4,661,081
Recurring fair value measurements

Assets
Warrant to acquire Ensyn's shares (Note 15)
190,893
193,131
489,688
Available for sale financial assets

Other investments Ensyn (Note 15)
Biological asset (Note 16) (*)
Total assets
193,131
680,581
Liabilities
608,356
608,356
Total liabilities
608,356
608,356
(*) See the changes in the fair value of the biological assets in Note 16.
There were no transfers between levels 1, 2 and 3 during the periods presented.
16 of 43

6.1
Fair value of loans and financing

The fair value of loans and financing, which are measured at amortized cost in the balance sheet, is
estimated as follows: (a) bonds, for which fair value is based on the observed quoted price in the market
(based on an average of closing prices provided by Bloomberg), and (b) for the other financial liabilities
that do not have a secondary market, or for which the secondary market is not active, fair value is
estimated by discounting the future contractual cash flows by current market interest rates, also
considering the Companys credit risk. The fair value of loans and financing are classified as Level 2 on
the fair value hierarchy. The following table presents the fair value of loans and financing:
Yield used to discount (*)
Quoted in the secondary market
In foreign currency
Bonds - VOTO IV
Bonds - Fibria Overseas
Estimative based on discounted cash flow
In foreign currency
Export credits
Export credits (ACC/ACE)
In local currency
BNDES TJLP
BNDES Fixed rate
Currency basket
FINEP
FINAME
NCE in Reais
Midwest Fund
LIBOR USD
DDI
Brazilian interbank rate (DI 1)
June 30,
2015
December
31, 2014
340,400
1,874,219
292,188
1,598,708
4,310,234
153,203
3,824,319
260,345
947,796
91,956
465,357
2,403
7,232
723,657
26,770
1,072,412
77,980
400,233
2,675
9,457
707,872
32,304
8,943,227
8,278,493
(*) Used to calculate the present value of the loans.
6.2
Fair value measurement of derivative

financial instruments (including embedded derivative)
The Company estimates the fair value of its derivative financial instruments and acknowledges that it
may differ from the amounts payable/receivable in the event of early settlement of the instrument. This
difference results from factors such as liquidity, spreads or the intention of early settlement from the
counterparty, among others. The amounts estimated by management are also compared with the Markto-Market (MtM) provided as reference by the banks (counterparties) and with the estimates performed
by an independent financial advisor.
A summary of the methodologies used for purposes of determining fair value by type of instrument is
presented below.
.
Swap contracts - the present value of both the asset and liability legs are estimated through the
discount of forecasted cash flows using the observed market interest rate for the currency in which
the swap is denominated, considering both of Fibrias and counterpart credit risk. The contract fair
value is the difference between the asset and liability.
17 of 43

Options (Zero Cost Collar) - the fair value was calculated based on the Garman-Kohlhagen model,
considering both of Fibrias and counterpart credit risk. Volatility information and interest rates are
observable and obtained from BM&FBOVESPA exchange information to calculate the fair values.
Swap US-CPI - the cash flow of the liability position is projected using the yield of the US-CPI index,
obtained through the implicit rates in the American titles indexed to the inflation rate (TIPS), issued
by the Bloomberg. The cash flow of the asset position is projected using the fixed rate established in
the embedded derivative instrument. The fair value of the embedded derivative instrument is the
present value of the difference between both positions.
The yield curves used to calculate the fair value in June 30, 2015 are as follows:
Interest rate curves
Brazil
Vertex
1M
6M
1Y
2Y
3Y
5Y
10Y
Rate (p.a.) - %
13.68
14.24
14.27
13.60
13.07
12.72
12.58
United States
Vertex
1M
6M
1Y
2Y
3Y
5Y
10Y
Rate (p.a.) - %
0.20
0.35
0.52
0.91
1.27
1.81
2.52
Dollar coupon
Vertex
1M
6M
1Y
2Y
3Y
5Y
10Y
Rate (p.a.) - %
15.76
3.80
3.05
3.07
3.17
3.60
4.07
Cash and cash equivalents

Average
yield p.a. - %
Cash and banks
Fixed-term deposits
Local currency
Foreign currency
0.16
June 30, December 31,

2015
2014
200,832
122,515
2,804
480,900
157,883
180,669
684,536
461,067
The increase of R$ 223,469 in the six-month period ended June 30, 2015 refers, mainly, to our strategy
of keeping cash balance available with higher liquidity.
18 of 43

In local currency
Brazilian federal provision fund
Brazilian federal government securities
At fair value
Held to maturity (i)
Private securities
Average
yield p.a.- %
June 30,
2015
December 31,
2014
75 of CDI
235
30
109.8 of CDI
109.8 of CDI and 6
101.7 of CDI
105,430
77,997
589,217
193,101
51,350
428,336
In foreign currency
Private securities
61,352
772,879
734,169
Current
701,361
682,819
71,518
51,350
Non-Current
(i) The yield of 109.8% of CDI refers to the investment fund - Pulp and the yield of 6% p.a. refers to the agrarian
debt bounds.
19 of 43

Derivative financial instruments (including embedded derivative)
(a)
Derivative financial instruments by type
Type of derivative
Instruments contracted of economic hedge strategy
Operational hedge
Cash flow hedges of exports
Zero cost collar
Reference value (notional)

- in U.S. Dollars
Fair value

2015
2014

2015
2014
920,000
1,465,000
(24,787)
(19,443)
Hedges of debts
Hedges of interest rates
Swap LIBOR x Fixed (US$)
530,557
538,207
(10,822)
3,353
Hedges of foreign currency

Swap DI x US$ (US$)
Swap TJLP x US$ (US$)
Swap Pre x US$ (US$)
396,767
134,742
150,964
405,269
180,771
191,800
(398,895)
(208,419)
(146,399)
(215,654)
(196,818)
(109,889)
(789,322)
(538,451)
150,007
120,988
Classified
In current assets
In non-current assets
In current liabilities
In non-current liabilities
26,338
175,026
(247,662)
(593,017)
29,573
161,320
(185,872)
(422,484)
Total, net
(639,315)
(417,463)
Embedded derivative in forestry partnership and

standing timber supply agreements (*)
Swap changes in US-CPI
879,989
902,267
(*) The embedded derivative is a swap of the US-CPI variations during the term of the Forestry Partnership and
Standing Timber Supply Agreements.
20 of 43

(b)
Derivative financial instruments of economic

hedge strategy by type and broken down by
nature of the exposure
Type of derivative and

protected risk
Swap contracts - Hedges of debts
Asset
USD LIBOR (LIBOR to fixed)
BRL fixed rate (BRL to USD)
BRL TJLP (BRL to USD)
BRL Pre (BRL to USD)
Liability
USD fixed rate (LIBOR to fixed)
USD fixed rate (BRL to USD)
USD fixed rate (BRL TJLP to USD)
USD fixed rate (BRL to USD)
Reference value (notional) in currency of origin
Fair value

2015
2014

2015
2014
530,557
771,874
218,953
313,869
538,207
788,208
293,676
395,697
1,582,195
1,112,327
209,759
255,636
1,352,345
1,082,215
279,328
323,898
530,557
396,767
134,742
150,964
538,207
405,269
180,771
191,800
(1,593,017)
(1,511,222)
(418,178)
(402,035)
(1,348,992)
(1,297,868)
(476,146)
(433,788)
(764,535)
(519,008)
(24,787)
(19,443)
(789,322)
(538,451)
Total of swap contracts

Options
Cash flow hedge - zero cost collar
(c)
920,000
1,465,000
Derivative financial instruments by type of

economic hedge strategy contracts
Fair value
Type of derivative
Operational hedges
Cash flow hedges of exports
Hedges of debts
Hedges of interest rates
Hedges of foreign currency
21 of 43
June 30,
2015
December 31,
2014
Amount paid
June 30,
2015
December 31,
2014
(24,787)
(19,443)
(5,879)
(13)
(10,822)
(753,713)
3,353
(522,361)
(2,210)
(89,033)
(5.445)
(47.641)
(789,322)
(538,451)
(97,122)
(53.099)

(d)
Fair value and counterparty by maturity

date of economic hedge strategy contracts
Fair values by maturity:
June 30,
2015
2015
2016
2017
2018
2019
2020
December 31,
2014
(145,980)
(166,647)
(235,578)
(160,991)
(49,516)
(30,610)
(158,095)
(99,947)
(134,814)
(87,208)
(35,401)
(22,986)
(789,322)
(538,451)
Notional and fair value by counterparty:

June 30, 2015
Notional in
U.S. Dollars
Banco Ita BBA S.A.
Deutsche Bank S.A.
Banco CreditAgricole Brasil S.A.
Banco Citibank S.A.
Bank of America Merrill Lynch
Banco Santander Brasil S.A.
Banco Safra S.A.
Banco BNP Paribas Brasil S.A.
HSBC Bank Brasil S.A.
Banco Bradesco S.A.
Banco J. P. Morgan S.A.
Goldman Sachs do Brasil
Banco Votorantim S.A.
Morgan Stanley & CO.
Fair value
December 31, 2014

Notional in
U.S. Dollars
Fair value
362,363
175,900
55,985
78,955
300,000
151,629
193,326
45,000
90,454
180,625
427,856
40,000
25,937
5,000
(116,960)
(1,137 )
(9,239)
(44,277)
(10,178)
(109,640)
(231,495)
(1)
(46,686)
(201,320)
(10,728)
(824)
(6,723)
(114)
603,906
253,450
68,623
45,671
300,000
196,987
198,598
210,000
160,446
182,229
467,857
65,000
13,280
15,000
(67,675)
12
(10,085)
(48,612)
(1,385)
(95,818)
(132,726)
(1,741)
(40,675)
(126,785)
(3,446)
(1,007)
(8,237)
(271)
2,133,030
(789,322)
2,781,047
(538,451)
Fair value does not necessarily represent the cash required to immediately settle each contract, as such
disbursement will only be made on the date of maturity of each transaction, when the final settlement
amount will be determined.
The outstanding contracts at June 30, 2015 are not subject to margin calls or anticipated liquidation
clauses resulting from mark-to-market variations. All operations are over-the-counter and registered at
CETIP (a clearing house).
22 of 43

10
Domestic customers
Export customers
Allowance for doubtful accounts
June 30,
2015
December 31,
2014
77,307
621,779
50,729
496,493
699,086
547,222
(7,593)
691,493
(8,798)
538,424
In the six-month period ended June 30, 2015, we made some factoring transactions without recourse for
certain customers receivables, in the amount of R$ 1,281,310 (R$ 1,230,143 at December 31, 2014), that
were derecognized from accounts receivable in the balance sheet.
11
Inventory
2015
2014
Finished goods
At plants/warehouses in Brazil
Outside Brazil
Work in process
Raw materials
Supplies
Imports in transit
Advances to suppliers
23 of 43
165,854
695,933
14,946
414,616
159,408
3,578
373
137,741
515,522
16,942
402,293
161,758
3,873
664
1,454,708
1,238,793

12
Recoverable taxes
2015
2014
Current
Withholding tax and prepaid Income Tax (IRPJ) and Social Contribution (CSLL)
Value-added Tax on Sales and Services (ICMS) on purchases of property, plant and equipment
Value-added Tax on Sales and Services (ICMS and IPI) on purchases of raw materials and
supplies
Federal tax credits
Credit related to Reintegra Program (a)
Social Integration Program (PIS) and Social Contribution on Revenue (COFINS) Recoverable
Provision for the impairment of ICMS credits
Current
Non-current
776,525
19,198
680,927
19,465
940,975
404,506
67,152
600,144
(767,614)
896,460
444,906
37,027
570,333
(734,154)
2,040,886
1,914,964
183,306
162,863
1,857,580
1,752,101
During the six-month period ended June 30, 2015, there were no relevant changes to our expectations
regarding the recoverability of the tax credits presented in this note and the Note 14 to the most recent
annual financial statements.
(a)
Reintegra Special Tax Regime

Fibria is beneficiary of the Special Tax Refund Regime for Exporting Companies (known as Reintegra),
established by Provisional Measure n 651/2014 (enacted as Law 13.043/2014 on November 13, 2014),
With the issuance of the Act n 8,415, on February 27, 2015, the percentage to be applied over the export
revenue for calculation of the tax credit was changed from 3% to 1% between March 1, 2015 and
December 31, 2016. In 2017, the percentage to be used will be 2% and in 2018, 3% over the export
revenue.
In the six-month period ended June 30, 2015, the Company recognized Reintegra credits of R$ 39,060,
under Cost of sales in the Statement of profit and loss.
13
Income taxes
The Company and the subsidiaries located in Brazil are taxed based on their taxable income. The
subsidiaries located outside of Brazil use methods established by the respective local jurisdictions.
Income taxes have been calculated and recorded considering the applicable statutory tax rates enacted at
the date of the interim financial information.
The Company pays income taxes on the profits generated by foreign subsidiaries in accordance with the
Law 12,973/14, which revoked the Article 74 of Provisional Measure 2,158/01, but kept the
determination that the profits earned each year by foreign controlled subsidiaries are subject to the
payment of income tax and social contribution in Brazil in the same year, at a rate of 34%, applied to the
subsidiaries accounting profits before income tax. The repatriation of these profits in subsequent years
is not subject to future taxation in Brazil. The Company records a provision for income taxes on foreign
subsidiaries on an accruals basis. As from 2014, the Company decided to start paying these taxes
primarily to mitigate any risk of future tax assessments on this matter.
24 of 43

(a)
Deferred taxes
2015
2014
Tax loss carryforwards (i)
Provision for contingencies
Sundry provisions (impairment, operational and other)
Results of derivative contracts - cash basis for tax purposes
Exchange losses (net) - cash basis for tax purposes
Tax amortization of the assets acquired in the business combination - Aracruz
Actuarial gains on medical assistance plan (SEPACO)
Provision for income tax and social contribution from foreign subsidiaries
Tax accelerated depreciation
Reforestation costs already deducted for tax purposes
Fair values of biological assets
Effects of business combination - acquisition of Aracruz
Tax benefit of goodwill - goodwill not amortized for accounting purposes
Other provisions
245,035
107,663
484,855
217,368
1,427,813
101,134
6,609
(327,950)
(8,406)
(359,157)
(139,658)
(1,004)
(492,023)
(7,640)
192,647
111,799
447,273
141,938
913,219
102,335
6,609
(25,977)
(9,889)
(348,398)
(153,020)
(3,165)
(447,293)
(3,770)
Total deferred taxes asset, net
1,254,639
924,308
Deferred taxes - asset (net by entity)
1,511,358
1,190,836
256,719
266,528
Deferred taxes - liability (net by entity)
(i) The balance as at June 30, 2015 is presented net of Hungarian Forint HUF 25,752 million (equivalent to R$ 282,314 as
of June 30, 2015 and R$ 263,297 as of December 31, 2014) related to the provision for impairment for foreign tax
credits.
Changes in the net balance of deferred income tax are as follows:

June 30,
2015
At the beginning of the period
Tax loss carryforwards
Temporary differences regarding provisions
Provision for income tax and social contribution from foreign subsidiaries
Derivative financial instruments taxed on a cash basis
Amortization of goodwill
Reforestation costs
Exchange losses (net) taxed on a cash basis
Fair value of biological assets
Actuarial losses on medical assistance plan (SEPACO)
Other
At the end of the period
25 of 43
924,308
52,388
33,446
(301,973)
75,430
(45,931)
(9,276)
514,594
13,362
(1,709)
1,254,639
December 31,
2014
732,220
20,128
23,261
(25,977)
(15,933)
(98,063)
(36,804)
266,933
46,841
2,478
9,224
924,308

(b)
Reconciliation of taxes on income

June 30,
2015
Income (loss) before tax
Income tax and social contribution benefit (expense)
at statutory nominal rate - 34%
(201,192)
68,405
June 30,
2014
1,021,866
(347,434)
Reconciliation to effective expense:

Benefits to directors
Equity in net income of jointly-venture
Taxes on earnings of foreign subsidiaries
Difference in tax rates of foreign subsidiaries
Credit of Reintegra Program
Benefit - Tax on net income (Imposto sobre o Lucro Lquido - ILL)
Foreign exchange effects on foreign subsidiaries (i)
Other, mainly non-deductible provisions
Income tax and social contribution benefit (expense) for the period
(6,067)
255
(7)
13,281
(3,335)
(3,484)
12,987
180,550
(6,797)
32,117
(62,375)
60
249,620
(371,464)
Income tax and social contribution current
(78,601)
(101,390)
Income tax and social contribution deferred
328,221
(270,074)
249,620
(371,464)
Effective rate - %
124.1
36.4
(i) Relates to net foreign exchange gains recognized by our foreign subsidiaries that use the real as the functional currency. As the
real is not used for tax purposes in the foreign country this net foreign exchange gain is not recognized for tax purposes in the
foreign country nor will it ever be subject to tax in Brazil.
14
Significant transactions and

balances with related parties
(a)
Related parties
The Company is governed by a Shareholders Agreement entered into between Votorantim
Industrial S.A. ("VID"), which holds 29.42% of our shares, and BNDES Participaes S.A.
("BNDESPAR"), which holds 30.38% of our shares (together the "Controlling Shareholders").
The Company's commercial and financial transactions with its subsidiaries, companies of the
Votorantim Group and other related parties are carried out at normal market prices and conditions,
based on usual terms and rates applicable to third parties.
In Abril 2015, the subsidiary Fibria-MS made a marketable security investment with Banco Votorantim,
maturing in Abril 2016 and average interest rate of 102.1% of CDI.
26 of 43

In the six-month period ended June 30, 2015, except for the transaction mentioned above, there were no
changes in the terms of the contracts, agreements and transactions, and there were no new contracts,
agreements or transactions with distinct nature between the Company and its related parties when
compared to the transactions disclosed in Note 16 to the most recent financial statements as at
December 31, 2014.
(i)
Balances recognized in assets and liabilities

Balances receivable (payable)
Nature
Transactions with controlling shareholders
Votorantim Industrial S.A.
Banco Nacional de Desenvolvimento
Econmico e Social (BNDES)
Transactions with Votorantim Group companies

Votorantim Participaes S.A.
Votener - Votorantim Comercializadora e Energia
Votorantim Cimentos S.A.
Votorantim Metais
Votorantim Metais
Companhia Brasileira de Alumnio (CBA)
Rendering of services
Financing
Financing
Energy supplier
Financial instruments
Input supplier
Chemical products
supplier
Leasing of land
Leasing of land

2015
2014
(28)
(172)
(1,706,742)
(1,756,133)
(1,706,770)
(1,756,305)
9,308
8,915
30,645
(6,723)
(241)
Presented in the following lines

In assets
Related parties - non-current
Other assets - current
In liabilities
Suppliers
27 of 43
(8,237)
(269)
(230)
(39)
41,635
Net
7,969
20,719
(1,665,135)
30,645
9,308
8,915
(773)
(39)
19,370
(1,736,935)
7,969
20,719
(1,706,742)
(6,723)
(538)
(1,756,133)
(8,237)
(1,253)
(1,665,135)
(1,736,935)

(ii)
Transactions recognized in the

Statement of profit and loss
Income (expense)
June 30,
2015
Nature
Transactions with controlling shareholders
Votorantim Industrial S.A.
Banco Nacional de Desenvolvimento
Econmico e Social (BNDES)
Rendering of services
Financing
Transactions with associates

Bahia Produtos de Madeira S.A.
Sales of wood
Transactions with Votorantim Group companies

Votorantim Participaes S.A.
Votener - Votorantim Comercializadora de Energia
Sitrel Siderurgia Trs Lagoas
Votorantim Metais Ltda.
Votorantim Metais Ltda.
Companhia Brasileira de Alumnio (CBA)
Financing
Energy supplier
Financial instruments
Energy supplier
Input supplier
Energy supplier
Chemical products supplier
Leasing of lands
Leasing of lands
(4,647)
(6,661)
(149,166)
(40,311)
(153,813)
(46,972)
4,647
1,339
49,380
666
1,514
3,104
(43)
1,773
(1,862)
(2,318)
(235)
53,318
(b)
June 30,
2014
23,207
3,654
(2,479)
1,633
(87)
(4,503)
(221)
21,204
Key management compensation

The remuneration effects on the statement of profit or loss, including all benefits, are summarized as
follows:
Benefits to officers and directors

Benefit program - Phantom Stock Options and Stock
Options plans
June 30,
2015
June 30,
2014
23,968
20,675
4,893
28,861
(1,333)
19,342
Benefits include fixed compensation (salaries and fees, vacation pay and 13 th month salary), social
charges and contributions to the National Institute of Social Security (INSS), the Government Severance
Indemnity Fund for Employees (FGTS) and the variable compensation program.
Benefits to key management do not include the compensation for the Statutory Audit Committee,
Finance, Compensation and Sustainability Committees' members of R$ 577 for the six-month period
ended June 30, 2015 (R$ 819 for the six-month period ended June 30, 2014).
28 of 43

The Company does not have any additional post-employment active plan and does not offer any other
benefits, such as additional paid leave for time of service.
The balances to be paid to the Companys key management are recorded in the following lines items of
the current and non-current liabilities and in the shareholders equity:
2014
2015
15
Current liability
11,710
18,748
Non-current liability
Other payables
25,281
13,665
Shareholders equity
Capital reserve
2,860
918
39,851
33,331
Investments
June 30,
2015
Investment in associate and joint-venture - equity method (i)
Impairment of investments (i)
Other investments - at fair value (ii)
December 31,
2014
14,737
(13,629)
94,055
13,987
(13,629)
79,524
95,163
79,882
(i) On July 31, 2014, the Company acquired 100% of the capital of WOP - Wood Participaes Ltda. (former Weyerhaeuser Brasil
Participaes Ltda.), for R$ 6,716, which held 66.67% of the capital of our associate Bahia Produtos de Madeira S.A. As from
that date, the Company holds, directly and indirectly, 100% of the capital of Bahia Produtos de Madeira S.A. We recognized
provision for impairment in these subsidiaries.
(ii) Fair value change in our interest in Ensyn was not significant in the six-month period ended June 30, 2015. The increase in the
balance refers to the foreign currency effect on the investment.
None of the subsidiaries and jointly-operated entities has publicly traded shares.
The provisions and contingent liabilities related to the entities of the Company are described in Note 20.
Additionally, the Company does not have any significant restriction or commitments with regards to its
associates and joint-venture.
29 of 43

Incorporation of subsidiary
In January 2015, the Company concluded the process of incorporation of the subsidiary Fibria
Innovations LLC., located in Vancouver - Canada, whose purpose is the research and development of
bio-products from biomass.
16
Biological assets
2015
2014
Historical cost
Fair value - step up
Additions
Harvests in the period
Historical cost
Fair value
Change in fair value - step up
Reversal of disposals (disposals)
Transfer (i)
Historical cost
Fair value - step up
3,172,431
535,414
3,707,845
2,730,510
692,924
3,423,434
612,706
1,190,349
(442,570)
(84,309)
29,831
(13,210)
3,810,293
3,329,357
480,936
(749,986)
(209,265)
51,755
1,817
(259)
3,707,845
3,172,431
535,414
(i) Includes transfers between biological assets and property, plant and equipment.
In accordance with our accounting policies, in the six-month period ended June 30, 2015 we performed
a valuation of the biological assets at their fair value. In the following table we present the main inputs
used to estimate the fair value of biological assets:
Actual planted area (hectare)

Average annual growth (IMA) - m3/hectare
Net average sale price - R$/m3
Remuneration of own contributory assets - %
Discount rate - %
30 of 43
June 30,
2015
December 31,
2014
452,937
40
64.83
5.6
6.43
459,487
40
62.78
5.6
6.65

The changes in the fair value of the biological assets in June 30, 2015 are presented as follows:
June 30,
2015
Fair value of the forest renovations during the year
Growing of plantation (IMA, area and age)
Variations in price
(73,355)
43,453
59,733
December 31,
2014
(197,088)
69,153
179,690
29,831
The biological assets are classified within Level 3 of the fair value hierarchical level. There were no
transfers between levels during the periods presented.
31 of 43
51,755

17
Property, plant and equipment
Land
Additions
Disposals
Depreciation
Transfers and others (*)
1,249,332

Additions
Disposals
Depreciation
Acquisition of assets - Fibria Innovations (Note 15)
1,200,512
At June 30, 2015
1,197,027
(57,202)
8,382
(3,485)
Buildings
Machinery,
equipment
and facilities
Advances to
suppliers
1,426,592
18
(10,140)
(128,368)
70,614
6,902,717
6,325
(44,467)
(657,191)
250,403
24,317
(18,912)
(3,726)
1,358,716
135
(2,414)
(56,202)
6,457,787
1,136
(2,483)
(328,999)
4,212
66,346
1,745
5,515
6,197,999
7,581
28,154
1,328,389
(*) Includes transfers between property, plant and equipment, biological assets, intangible assets and inventory.
32 of 43
66
321
Construction
in progress
191,029
360,348
Other
Total
30,517
1,715
(11,306)
(12,081)
9,246
9,824,504
349,494
(126,841)
(797,640)
3,216
215,882
131,693
18,091
401
(697)
(7,035)
(116,280)
34,069
9,252,733
138,880
(9,079)
(392,236)
4,212
12,610
231,295
44,829
9,007,120
(335,495)

18
Intangible assets
June 30,
2015
December 31,
2014

Additions
Amortization
Disposals
Acquisition of assets - Fibria Innovations (Note 15)
4,552,103
7
(40,734)
(66)
7,388
2,239
4,634,265
40
(90,854)
(20)
4,520,937
4,552,103
4,230,450
20,185
4,230,450
26,703
159,600
182,400
5,160
97,969
12,733
103,125
4,265
4,520,937
4,552,103
Composed by
Goodwill - Aracruz
Systems development and deployment
Acquired from business combination
Databases
Patents
Relationships with suppliers
Chemical products
Other
(*) Includes transfers between property, plant and equipment and intangible assets.
33 of 43
8,672

19
Loans and financing
(a)
Breakdown of the balance by type of loan

Current
Type/purpose
In foreign currency
BNDES
Bonds
Export credits (prepayment)
Export credits (ACC/ACE)
In Reais
BNDES
BNDES
FINAME
NCE
Midwest Region Fund
(FCO and FINEP)
Interest
Short-term borrowing
Long-term borrowing
Non- current
Total
June 30,
2015
December 31,
2014

2014
2015
62,307
11,154
190,707
263,120
489,003
2,132,434
3,958,748
409,594
1,825,189
3,518,474
557,773
2,144,984
4,237,993
153,099
471,901
1,836,343
3,709,181
263,120
513,664
527,288
6,580,185
5,753,257
7,093,849
6,280,545
Interest
rate
Average
annual
interest
rate - %
June 30,
2015
December 31,
2014
UMBNDES
Fixed
LIBOR
Fixed
6.4
5.6
2.9
1.1
68,770
12,550
279,245
153,099
TJLP
Fixed
TJLP and
Fixed
CDI
9.3
4.4
254,209
22,547
320,838
16,654
785,746
86,467
870,720
76,020
1,039,955
109,014
1,191,558
92,674
4.0
13.9
4,394
87,037
4,978
83,507
3,549
646,435
5,451
630,742
7,943
733,472
10,429
714,249
Fixed
8.1
12,080
12,124
18,993
24,940
31,073
37,064
380,267
438,101
1,541,190
1,607,873
1,921,457
2,045,974
893,931
965,389
8,121,375
7,361,130
9,015,306
8,326,519
60,881
153,100
679,950
51,957
262,739
650,693
91,898
65,710
8,029,477
7,295,420
152,779
153,100
8,709,427
117,667
262,739
7,946,113
893,931
965,389
8,121,375
7,361,130
9,015,306
8,326,519
The average rates were calculated based on the forward yield curve of benchmark rates to which the loans are indexed, weighted through the
maturity date for each installment, including the issuing/contracting costs, when applicable.
34 de 43

(b)
Breakdown by maturity
In foreign currency
BNDES
Bonds
Export credits (prepayment)
In Reais
BNDES - TJLP
BNDES - Fixed
FINAME
NCE
Midwest Region Fund (FCO e FINEP)
35 de 43
2016
2017
2018
2019
2020
2021
2022
26,297
71,884
64,168
50,658
127,265
21,936
2023
2024
Total
1,836,722
489,003
2,132,434
3,958,748
1,836,722
6,580,185
148,086
558,327
952,371
1,744,823
126,795
295,712
555,141
174,383
630,211
1,016,539
1,795,481
977,648
127,265
21,936
77,568
12,558
1,323
71,440
5,947
159,227
25,116
2,059
257,325
11,893
114,992
24,181
167
231,221
659
84,783
18,076
144,100
6,536
151,959
44,380
8,737
43,225
494
43,224
785,746
86,467
3,549
646,435
18,993
168,836
455,620
371,220
146,578
193,860
151,959
44,380
8,737
1,541,190
343,219
1,085,831
1,387,759
1,942,059
1,171,508
279,224
66,316
8,737 1,836,722
8,121,375

(c)
Breakdown by currency
2015
2014
Real
U.S. Dollar
Currency basket
(d)
1,921,457
6,536,077
557,772
2,045,974
5,808,644
471,901
9,015,306
8,326,519
Roll forward
June 30,
2015
At the beginning of period
Borrowings
Interest expense
Foreign exchange
Repayments - principal amount
Interest paid
Expense of transaction costs of Bonds early redeemed
Addition of transaction costs
Other (*)
8,326,519
422,891
209,029
1,054,050
(827,050)
(178,726)
9,015,306
8,593
December 31,
2014
9,773,097
4,382,345
475,780
690,271
(6,636,153)
(491,173)
133,233
(36,736)
35,855
8,326,519
(*) It includes amortization of transactions costs.
(e)
Relevant operations settled in the period

Export credits - ACC and ACE
In the three-month period ended March 31, 2015, the Company paid in the maturity date the amount of
US$ 35 million (equivalents then to R$ 91,777) and, US$ 29 million (equivalents then to R$ 84,078),
through its jointly-operation Veracel, regarding exports credits (ACC and ACE), with interest rates
between 0.18% and 0.93% p.a.
During the second quarter of 2015, the Company, through its jointly-operation Veracel, paid in the
maturity date the amount of US$ 32 million (equivalents then to R$ 98,958), regarding exports credits
(ACC), with interest rates between 0.87% and 0.92% p.a.
(f)
Relevant operations contracted in the period

Export credits - ACC
In the three-month period ended March 31, 2015, the Company, through its jointly-operation Veracel,
entered into export contracts (ACC) in the amount of US$ 17 million (equivalent then to R$ 48,750),
with maturities between August and September 2015 and fixed interest rate between 1.02% and 1.09%
p.a.
36 de 43

During the second quarter of 2015, the Company, through its jointly-operation Veracel, entered into
export contracts (ACC) in the amount of US$ 26 million (equivalent then to R$ 78,948), with maturities
between October and December 2015 and fixed interest rate between 1.10% and 1.14% p.a.
BNDES
In the six-month period ended June 30, 2015, was released from BNDES the amount of R$ 72,109, with
maturities between 2015 and 2022, subject to interest rate between TJLP plus 2.42% p.a. and 3.42%
p.a., UMBNDES plus 2.42% p.a. and fixed interest rate between 4.00% and 6.00%. The value was used
in industrial, forestry and IT projects.
(g)
Covenants
Some of the financing agreements of the Company contain covenants establishing maximum
indebtedness and leverage levels, as well as minimum coverage of outstanding amounts.
The Companys debt financial covenants are measured based on consolidated information translated
into U.S. Dollars. The covenants specify that indebtedness ratio (Net debt to Adjusted EBITDA, as
defined (Note 4.2.2 to the most recent financial statements for the year ended December 31, 2014))
cannot exceed 4.5x.
The Company is in full compliance with the covenants established in the financial contracts at June 30,
2015.
The loan indentures with debt financial covenants also present the following events of default:
.
Non-payment, within the stipulated period, of the principal or interest.
Inaccuracy of any declaration, guarantee or certification provided.
Cross-default and cross-judgment default, subject to an agreed.
Subject to certain periods for resolution, breach of any obligation under the contract.
Certain events of bankruptcy or insolvency of the Company, its main subsidiaries or Veracel.
37 de 43

20
Provision for contingencies

June 30, 2015
Nature of claims
Tax
Labor
Civil
December 31, 2014
Judicial
deposits
Provision
Net
Judicial
deposits
Provision
Net
91,009
56,589
16,961
105,071
180,366
25,485
14,062
123,777
8,524
88,858
52,304
16,400
100,604
174,179
27,361
11,746
121,875
10,961
164,559
310,922
146,363
157,562
302,144
144,582
The change in the provision for contingencies is as follows:

June 30,
2015
December 31,
2014

Disposals
Reversal
New litigation
Accrual of financial charges
302,144
(2,524)
(18,037)
12,016
17,323
280,512
(7,280)
(37,458)
17,723
48,647
310,922
302,144
In the six-month period ended June 30, 2015, there were no significant changes in the possible loss
contingencies in comparison with the most recent annual financial statements as at December 31, 2014.
See below the main update in the period:
(i)
Swap of industrial and forestry assets with International Paper

On March 4, 2015, the Tax Federal Administrative Court (CARF - Conselho Administrativo de Recursos
Fiscais), declared that they partially sustained the position of the tax authorities in regards to the
administrative process related to the tax assessment notice issued by the Federal Revenue Service Office
regarding the swap of industrial and forestry assets between Fibria and International Paper in 2007 and
reduced the applicable fines from 150% to 75%. Following the decision, the updated amount involved
was reduced from R$ 1,957 million to R$ 1,550 million, of which R$ 557 million refers to the principal,
R$ 417 million to fines and R$ 576 million to interest, as at June 30, 2015.
Against the decision, the Company presented the applicable appeals, which is pending of judgement. The
National Finance (Fazenda Nacional) also appealed to reduce the qualified fine; however, the appeal
was not received, making definitive the decision that reduced the fines from 150% to 75%. In the event of
failure at the administrative level, the Company emphasizes that they will discuss the debt at the judicial
level.
The Company reinforces that the CARF decision does not present any financial impact and maintain its
position of not to constitute any provision for contingencies in relation to this matter, based on its
understanding and in the internal and external advisors opinion that the probability of gain on the case
38 de 43

is possible.
21
Revenue
(a)
Reconciliation
Gross amount
Sales taxes
Discounts and returns (*)
Net revenues
June 30,
2015
June 30,
2014
5,467,819
(91,388)
(1,070,046)
4,059,572
(68,629)
(654,767)
4,306,385
3,336,176
June 30,
2015
June 30,
2014
361,422
3,903,525
41,438
265,434
3,028,615
42,127
4,306,385
4,306,385
3,336,176
3,336,176
(*) Related mainly to trade discounts.
(b)
Information about markets
Revenue
Domestic market
Export market
Services
39 de 43

22
Financial results
June 30,
2015
Financial expenses
Interest on loans and financing (i)
Loans commissions
Financial charges upon partial repurchase of Bond
Others
(207,856)
(4,626)
(34,637)
(245,718)
(20,478)
(456,417)
(28,036)
(247,119)
(750,649)
Financial income
Financial investment earnings
Others (ii)
Gains (losses) on derivative financial instruments

Gains
Losses
Gains (losses) on foreign exchange rates

Loans and financing
Other assets and liabilities (iii)
38,797
42,194
48,419
21,633
80,991
70,052
450,269
(769,241)
263,412
(84,861)
(318,972)
178,551
(1,054,050)
114,248
939,802
Net
June 30,
2014
(1,424,902)
391,269
(127,430)
263,839
(238,207)
(i) It includes the amount of R$ 1,173 as at June 30, 2015, of capitalized financing costs.
(ii) It includes the interest accrual of the tax credits.
(ii) It includes the effect of exchange foreign on cash and cash equivalents, trade accounts receivable, trade payable and
others.
40 de 43

23
Expenses by nature
June 30,
2015
Cost of sales
Depreciation, depletion and amortization
Freight
Labor expenses
Variable costs (raw materials and miscellaneous materials)
Selling expenses
Labor expenses
Selling expenses (i)
Operational leasing
Depreciation and amortization charges
Other expenses
General and administrative

Labor expenses
Third-party services
Depreciation and amortization
Taxes and contributions
Operating leases and insurance
Other expenses
Other operating (expenses) income

Program of variable compensation to employees
Tax credits
(Provision)/reversal of contingencies
Changes in fair value of biological assets
Loss on disposal of property, plant and equipment
Others
June 30,
2014
(913,264)
(413,125)
(236,675)
(1,150,257)
(886,163)
(386,852)
(221,448)
(1,204,307)
(2,713,321)
(2,698,770)
(13,794)
(172,420)
(729)
(4,972)
(10,053)
(11,896)
(144,440)
(847)
(3,884)
(5,994)
(201,968)
(167,061)
(75,173)
(51,533)
(7,756)
(3,986)
(3,692)
(11,786)
(53,935)
(55,305)
(9,090)
(4,238)
(4,464)
(3,683)
(153,926)
(130,715)
(35,790)
(7,022)
29,831
(2,658)
1,429
(34,832)
860,764
11,796
87,192
(3,792)
(685)
(14,210)
920,443
(i) Includes handling expenses, storage and transportation expenses and sales commissions and others.
41 de 43

24
Shareholders equity
(a)
Dividends
On April 28, 2015, was approved in the Ordinary and Extraordinary Shareholders Meeting the payments
to the shareholders in the amount of R$ 147,805, as dividends related to the net income of the fiscal year
ended December 31, 2014, being R$ 36,951 corresponding to 25% of the adjusted net income and,
R$110,854 as additional dividend. The payment was made on May 14, 2015.
25
Earnings per share
(a)
Basic
The basic earnings per share is calculated by dividing net income attributable to the Company's
shareholders by the weighted average of the number of common shares outstanding during the period,
excluding the common shares purchased by the Company and maintained as treasury shares.
Numerator
Net income attributable to the shareholders of the Company
Denominator
Weighted average number of common shares outstanding
Basic earnings per share - in Reais
June 30,
2015
June 30,
2014
42,388
646,761
553,591,619
553,591,822
0.077
1.168
The weighted average number of shares in the presented periods is represented by a total number of
shares of 553,934,646 issued and outstanding for the six-month period ended June 30, 2015 and 2014,
without considering treasury shares, for total of 344,042 shares in the six-month period ended June 30,
2015 (342,824 as at June 30, 2014). In the six-month period ended June 30, 2015 and 2014 there were
no changes in the number of shares of Company.
(b)
Diluted
Diluted earnings per share are calculated by dividing net income attributable to the Companys
shareholders common shares by the weighted average number of common shares available during the
year plus the weighted average number of common shares that would be issued when converting all
potentially dilutive common shares into common shares:
42 de 43

June 30,
2015
Numerator
Net income attributable to the shareholders of the Company
42,388
Denominator
Weighted average number of common shares outstanding
Dilution effect
Stock options
Weighted average number of common shares outstanding adjusted according to dilution effect
Diluted earnings per share - in Reais
553,591,619
687,840
554,279,459
0.076
There was no dilutive effect in the six-month period ended June 30, 2014.
25
Explanatory notes not presented

According to the requirements for disclosure contained in Circular-Letter CVM/SNC/SEP/
No. 003/2011, we presented explanatory notes to the annual financial statements detailing the financial
instruments by category (Note 7), credit quality of financial assets ( Note 8), financial and operational
lease agreements (Note 21), advances to suppliers (Note 22), the tax amnesty and refinancing program
(Note 25), long term commitments (Note 26), benefits to employees (Note 28), compensation program
based on shares (Note 29), insurance (Note 34), non-current assets held for sale (Note 36) and
impairment testing (Note 37), that we omitted in the March 31, 2015 consolidated interim financial
information because the assumptions, operations and policies have not seen any relevant changes
compared to the position presented in the financial statements as At December 31, 2014.
In addition, the Company no longer has reportable segments to present as at June 30, 2015, therefore
the Note regarding segment information was excluded.
43 de 43
2Q15 Results
2Q15 Results
Fibria announces Horizonte 2 Project; start-up expected in the fourth quarter of 2017
Quarterly EBITDA record of R$1,157 million and net debt / EBITDA ratio in US$ of 1.95x
Key Figures
6M15
6M14
6M15 vs
6M14
Last 12 months
(LTM)
4%
2,613
2,548
3%
5,338
-4%
2,511
2,522
0%
5,294
3,336
29%
8,054
1,272
70%
3,682
2Q15 vs
2Q15 vs 2Q14
1Q15
Unit
2Q15
1Q15
2Q14
Pulp Production
000 t
1,321
1,291
1,271
2%
Pulp Sales
000 t
1,282
1,229
1,334
4%
Net Revenues
R$ million
2,309
1,997
1,694
16%
36%
4,306
Adjusted EBITDA(1)
R$ million
1,157
1,007
594
15%
95%
2,164
50%
50%
35%
0 p.p.
15 p.p.
50%
38%
12 p.p.
46%
Net Financial Result(2)
R$ million
321
(1,746)
(68)
(1,425)
(238)
(2,821)
Net Income (Loss)
R$ million
614
(566)
631
48
650
-93%
(439)
Free Cash Flow (6)
R$ million
466
373
248
25%
88%
839
257
227%
1,219
Dividends paid
R$ million
(149)
(149)
(149)
ROE(5)
13.4%
9.9%
9.0%
4 p.p.
4 p.p.
13.4%
9.0%
4 p.p.
13.4%
ROIC(5)
13.9%
10.2%
10.1%
4 p.p.
4 p.p.
13.9%
10.1%
4 p.p.
13.9%
EBITDA margin
Gross Debt (US$)
US$ million
2,906
2,915
3,840
0%
-24%
2,906
3,840
-24%
2,906
Gross Debt (R$)
R$ million
9,015
9,352
8,457
-4%
7%
9,015
8,457
7%
9,015
Cash(3)
R$ million
818
361
1,776
127%
-54%
818
1,776
-54%
818
Net Debt (R$)
R$ million
8,197
8,991
6,681
-9%
23%
8,197
6,681
23%
8,197
Net Debt (US$)
US$ million
2,642
2,803
3,033
-6%
-13%
2,642
3,033
-13%
2,642
Net Debt/EBITDA LTM
2.23
2.88
2.34
-0.7 x
-0.1 x
2.23
2.34
-0.11 x
2.23
Net Debt/EBITDA LTM (US$)(4)
1.95
2.30
2.43
-0.3 x
-0.5 x
1.95
2.43
-0.48 x
1.95
(1) Adjusted by non-recurring and non-cash items | (2) Includes results from financial investments, monetary and exchange variation, mark-to-market of hedging and interest
(3) Includes the hedge fair value | (4) For covenants purposes | (5) For more details p. 16 | (6) Before dividend payment
2Q15 Highlights
Fibria approves the Horizonte 2 Project expansion plan, with start-up expected in 4Q17.
The Company enters into a partnership agreement with Klabin for the supply of part of the Puma Project hardwood pulp.
Pulp production of 1,321 thousand tons, 2% and 4% more than in 1Q15 and 2Q14, respectively. LTM production stood at 5,338 thousand tons.
Scheduled maintenance downtime at Veracel Mill successfully concluded.
Pulp sales of 1,282 thousand tons, 4% up on 1Q15 and 4% down on 2Q14. LTM sales totaled 5,294 thousand tons.
Net revenue of R$ 2,309 million (1Q15: R$1,997 million | 2Q14: R$1,694 million). LTM net revenue came to R$8,054 million, a new 12month record.
Cash cost of R$583/t, 2% and 4% more than in 1Q15 and in 2Q14, respectively. Excluding the impact of the scheduled downtimes, the
cash cost would have come to R$568/t.
Quarterly EBITDA Margin remains flat at 50%.
Adjusted EBITDA of R$1,157 million, 15% and 95% higher than in 1Q15 and 2Q14, respectively, and a new quarterly record. LTM
EBITDA totaled R$3,682 million, also a period record.
EBITDA/ton of R$902/t (US$294/t), 10% and 103% more than in 1Q15 and 2Q14, respectively.
Free cash flow of R$466 million (before dividend payments), 25% up on 1Q15 and 88% more than in 2Q14. If we consider postponed
sales proceeds which were received after the end of the quarter, FCF would have been R$544 million. LTM free cash flow totaled
R$1,219 million.
Cash ROE and ROIC increase to 13.4% and 13.9%, respectively. See more details on page 16.
Net income of R$614 million (1Q15: R$(566) million | 2Q14: R$631 million).
Gross debt in dollars of US$2,906 million, stable in relation to 1Q15 and 24% down on 2Q14. Gross debt/EBITDA of 2.15x.
Net debt in dollars reaches its lowest level since Fibrias creation, falling by 6% over 1Q15.
Net Debt/EBITDA ratio of 1.95x in dollars (Mar/15: 2.30x | Jun/14: 2.43x) and 2.23x in reais (Mar/15: 2.88x | Jun/15: 2.34x).
Achievement of investment grade by S&P (BBB-/Stable).
Dividends distribution of R$149 million, representing 100% of 2014 net income.
Subsequent Events
4th Investor Tour to take place at the Veracel Mill on September 2 and 3, 2015. More details on page 17.
Market Cap June 30, 2015:
Conference Call: July 23, 2015
Investor Relations
R$23.5 billion | US$7.6 billion
Portuguese: 11 am (Braslia) | | Phone: +55 11 3193-1001
Guilherme Cavalcanti
Andr Gonalves
Camila Nogueira
Roberto Costa
Raimundo Guimares
ir@fibria.com.br | +55 (11) 2138-4565
FIBR3: R$42.42
FBR: US$13.61
English: 12 pm (Braslia) | Phone: 1-412-317-6776
Shares Issued:
553,934,646 common shares
Webcast: www.fibria.com.br/ir
Contents
The operating and financial information of Fibria Celulose S.A. for the second quarter of 2015 (2Q15) presented in this document is based on consolidated figures and expressed in reais, is unaudited and was
prepared in accordance with Corporate Law. The results of Veracel Celulose S.A. were included in this document based on 50% proportional consolidation, with the elimination of all intercompany transactions.
2Q15 Results
Executive Summary ..................................................................................................................... 4

Pulp Market .................................................................................................................................. 5
Production and Sales ................................................................................................................... 6
Results Analysis ........................................................................................................................... 6
Financial Result............................................................................................................................ 9
Net Result .................................................................................................................................. 11
Indebtedness.............................................................................................................................. 12
Capital Expenditure .................................................................................................................... 15
Free Cash Flow .......................................................................................................................... 15
ROE and ROIC .......................................................................................................................... 16
Capital Market ............................................................................................................................ 16
Subsequent Events .................................................................................................................... 17
Appendix I Revenue x Volume x Price * .................................................................................. 18
Appendix II Income Statement ................................................................................................ 19
Appendix III Balance Sheet ..................................................................................................... 20
Appendix IV Statement of Cash Flows .................................................................................... 21
Appendix V Breakdown of EBITDA and Adjusted EBITDA (CVM Instruction 527/2012) ......... 22
Appendix VI Economic and Operational Data ......................................................................... 23
2Q15 Results
Executive Summary
Pulp prices moved up consistently, chiefly due to the continuity of positive demand throughout the quarter, and Fibria
recorded its second highest ever sales volume for a second quarter. Once again, the scenario allowed the Company to
impose another US$20/t increase in pulp prices in all regions as of June (Europe: US$810/t). As a result, the upturn in
Fibrias average net price in dollars kept pace with the rise in the average PIX/FOEX BHKP Europe price, both climbing
by 4%. In addition to this positive price scenario, the 7% appreciation of the dollar helped push up quarterly EBITDA to
R$1.2 billion, a new record, while the margin remained flat at 50%. The quarter was also marked by important strategic
decisions and the payment of 100% of net income as dividends, as described below.
In April, the Company announced the deliberation on its Annual and Extraordinary Shareholders Meeting, regarding the
distribution of 100% of the net income for the fiscal year ended December 31, 2014, totaling R$149 million, equivalent to
R$0.266991699 per share, comprising: (i) the mandatory minimum dividends of R$37 million; and (ii) additional dividends
of R$111 million. Payment took place on May 14, 2015.
On May 4, Fibria and Klabin informed the market the execution of a supply agreement for the hardwood pulp to be
produced in Klabins new plant currently under construction in Ortigueira, Paran (the Puma Project), with an annual
production capacity of 1.5 million tons, 1.1 million of which hardwood pulp. Start-up is scheduled for 2016. The
agreement establishes a firm commitment on the part of Fibria, or its subsidiaries, to acquire a minimum of 900 thousand
tons of hardwood pulp per year, which will be sold exclusively by Fibria, or its subsidiaries, in countries outside South
America. Any additional output from the new plant will be sold directly by Klabin, the hardwood pulp in Brazil and other
South American countries and the softwood pulp and fluff in the global market. The agreement is for six years, four of
which at the minimum volume of 900 thousand tons and the fifth and sixth years with a gradual reduction of 75% and
50%, respectively, of the volume delivered in the fourth year. In addition, the contracted volume may be reduced at any
time, through previous notice, by up to 250 thousand tons for eventual future use for packaging paper. The agreement
may also be renewed if both parties agree. The sale price will be based on Fibrias average Paranagu net price (FOB).
The commercial operation resulting from this agreement is a milestone in the global pulp market and will benefit both
companies by combining Fibrias commercial expertise with Klabins recognized industrial competence.
On May 14, Fibria informed the market that, following the conclusion of its feasibility studies and Managements
monitoring and detailed analysis since 2014, an Extraordinary Board of Directors Meeting on the same day approved the
Companys expansion plan, comprising the construction of a new pulp production line in Trs Lagoas, Mato Grosso do
Sul called Horizonte 2. The project consists of the installation of a new bleached eucalyptus pulp line with a nominal
production capacity of 1.75 million tons per year, with estimated investments of US$2.5 billion. Industrial start-up is
expected at the beginning of the fourth quarter of 2017.
Pulp production totaled 1,321 thousand tons in 2Q15, 2% up on 1Q15 due to the higher number of production days and
the reduced impact of maintenance downtimes. Compared to the same period the year before, output increased by 4%,
also thanks to the diminished impact of the programmed stoppages. Sales volume came to 1,282 thousand tons, 4%
more than in the previous quarter due to higher sales to North America, and 4% down on 2Q14, when sales reached
record levels for a second quarter, mainly pushed by Asia. Pulp inventories closed the quarter at 54 days.
The production cash cost was R$583/t, 2% up on 1Q15, primarily due to the higher cost of wood and the appreciation of
the dollar against the real, among other factors (see page 7 for more details), despite the reduced impact from
maintenance downtimes. In comparison with 2Q14, increased logistics costs with wood (third party impacting distance
4
2Q15 Results
from forest to mill and fuel), the foreign exchange effect and lower result with utilities more than offset the reduced impact
of the stoppages (less capacity off line this quarter). As a result, the cash cost excluding the downtime effect stood at
R$568/t, 17% up year-on-year.
Adjusted 2Q15 EBITDA totaled R$1,157 million, 15% up on 1Q15 and a new quarterly record, thanks to the higher
average net price in reais and the increase in sales volume, partially offset by higher cash COGS (see page 9), while the
EBITDA margin remained flat at 50%. In relation to 2Q14, the higher average net price in reais partially offset the
reduction in sales volume. LTM EBITDA came to R$3,682 million. Free cash flow for the quarter amounted to R$466
million (before dividend payments), 25% more than in the previous three months due to the increase in EBITDA and
improved working capital. In relation to 2Q14, the upturn can also be put down to EBITDA, partially offset by the negative
working capital variation. It is important to note that, given the few days postpone in the reception of sales proceeds,
around R$78 million was only received at the beginning of July. If these proceeds had been received within the quarter,
free cash flow would have come to R$544 million.
The 2Q15 financial result was positive by R$321 million, versus net expenses of R$1,746 million in 1Q15 and R$68
million in 2Q14. The positive result was chiefly due to 3% devaluation of the end-of-period dollar against the real,
resulting in income from the impact of the exchange variation on debt and hedge instruments. Interest expenses in
dollars fell by 28% year-on-year, despite the upturn in the TJLP (long-term interest rate) and the CDI interbank rate and
new funding operations in the period. Gross debt in dollars totaled US$2,906 million, flat in relation to 1Q15 and 24%
down on 2Q14. Fibria closed the quarter with a cash position of R$818 million, including the mark-to-market of
derivatives.
As a result of all the above, Fibria reported 2Q15 net income of R$614 million, versus a net loss of R$566 million in 1Q15
and net income of R$631 million in 2Q14.
Pulp Market
Fibria recorded its second highest sales volume figure for a second quarter, reflecting the strong demand for eucalyptus
pulp in all markets, due to the ongoing increase in new paper capacity in Asia and the positive printing and writing paper
scenario in Europe.
Scheduled downtimes BHKP - Brazil (000 t)(1)
1Q15
2Q15
3Q15
4Q15
(59)
(79)
(105)
(128)
(1)
ABTCP and Fibria
The scheduled maintenance downtimes continued to play an important role, removing around 80 thousand tons of
hardwood pulp from the Brazilian market in 2Q15. Hardwood producers inventories, therefore, remained at expected
levels throughout the quarter.
2Q15 Results
The European PIX/FOEX BHKP price closed June at USD797.07 per ton, following the USD38 upturn in 2Q15. The
healthy market fundamentals, especially on the demand side, enabled the rapid implementation of the price hike
announced for the beginning of the quarter and opened the way for a new USD20 per ton increase in all markets as of
June 1.
Production and Sales

Production ('000 t)
2Q15
1Q15
2Q14
2Q15 vs
1Q15
2Q15 vs
2Q14
6M15
6M14
6M15 vs
6M14
Last 12
months
Pulp
1,321
1,291
1,271
2%
4%
2,613
2,548
3%
5,338
126
129
117
-3%
7%
255
233
10%
540
Export Market Pulp
1,157
1,100
1,217
5%
-5%
2,256
2,290
-1%
4,754
Total sales
1,282
1,229
1,334
2,511
2,522
Sales Volume ('000 t)

Domestic Market Pulp
4%
-4%
0%
5,294
Pulp production totaled 1,321 thousand tons in 2Q15, 2% up on the previous quarter, due to the higher number of
production days (2Q15: 91 days | 1Q15: 90 days) and the reduced impact of the scheduled maintenance downtimes. In
comparison with 2Q14, production increased by 4% due to the lower number of maintenance stoppages. Pulp
inventories closed the quarter at 809 thousand tons (54 days), 5% up on the 772 thousand tons recorded in 1Q15 (52
days) and 5% more than the 767 thousand tons registered in 2Q14 (52 days).
Regulatory Standard 13 (Boiler and Pressure Vessel Inspection) extended the maximum period between recovery boiler
inspections from 12 to 15 months. Consequently, downtimes that used to take place on an annual basis, almost always
at the same time of year, are undergoing planning changes in accordance with the new regulation. In the long term, this
extension will reduce costs and increase output. The calendar for scheduled maintenance downtimes in Fibrias mills in
2015 is shown below, in which these changes become clear.
Fibria's Maintenance Downtimes Schedule 2015
1Q15
Fbrica
Jan
Feb
2Q15
Mar
Apr
May
3Q15
Jun
Jul
Ago
4Q15
Sept
Oct
Nov
Dec
Aracruz "A"
Aracruz "B"
Aracruz "C"
Jacare
Trs Lagoas
Veracel
Sales volume totaled 1,282 thousand tons, 4% up on the previous three months due to increased sales to North
America, and 4% down on 2Q14, when sales reached record levels for a second quarter, mostly fueled by Asia. In 2Q15,
net revenues to Europe accounted for 42% of the total, followed by Asia with 26%, North America with 24% and Latin
America with 8%.
Results Analysis
2Q15
1Q15
2Q14
2Q15 vs
1Q15
2Q15 vs
2Q14
6M15
6M14
6M15 vs
6M14
Last 12
months
191
171
129
12%
48%
361
265
36%
687
Export Market Pulp
2,099
1,805
1,543
16%
36%
3,904
3,029
29%
7,287
Total Pulp
2,290
1,975
1,672
16%
37%
4,265
3,294
29%
7,974
20
22
22
-9%
-10%
41
42
-2%
80
2,309
1,997
1,694
16%
36%
4,306
3,143
Net Revenues (R$ million)

Domestic Market Pulp
Portocel
Total
37%
8,054
2Q15 Results
Net revenue totaled R$2,309 million in 2Q15, 16% higher than in 1Q15, thanks to the higher average net price in reais, in
turn the result of the 7% appreciation of the average dollar, higher price in dollars and higher sales volume. The 36%
increase over 2Q14 was also due to the higher average net price in reais. LTM net revenue came to R$8,054 million, a
new 12-month record.
The cost of goods sold (COGS) increased by 13% over 1Q15, due to the upturn in sales volume, higher production
costs, the inventory turnover effect (partially reflecting the previous quarters cost), and the reduction of the Reintegra
benefit. Freight expenses also moved up, affected by the appreciation of the average dollar against the real and higher
sales volume. The 1% year-on-year reduction in COGS, had Reintegra as the main positive factor, partially offset by the
freight cost increase (mainly negative foreign exchange effect). It is important to highlight that the freight per ton in dollars
decreased 21% mainly due to the fall in oil prices, which benefited maritime and overseas freight costs.
The pulp production cash cost totaled R$583/t in 2Q15, 2% up on the quarter before, primarily due to higher wood costs,
in turn explained by the extended average distance from forest to mill due to third party contribution and higher fuel
costs. Additionally, the foreign exchange effect (7% appreciation of the average dollar against the real) and higher
consumption of chemicals and energy, as well as other lesser effects, also contributed to the increase, as shown in the
table below. These impacts were partially offset by the reduced effect of the scheduled maintenance downtimes and
improved utilities results. In relation to 2Q14, the biggest impact came from wood costs, also as a result of the higher
average distance from forest to mill due to third party contribution, and higher fuel costs. The appreciation of the average
dollar (around 14% of the production cash cost is dollar-pegged) and the reduced utilities result (2Q15: R$28/t | 2Q14:
R$36/t) also contributed to this variation. These factors offset the lower effect of the downtimes, resulting in a cash cost
excluding stoppages of R$568/t, 4% and 17% up on 1Q15 and 2Q14, respectively, while period inflation, measured by
the IPCA consumer price index, came to 8.9%. It is important to highlight that the change on wood costs was on
schedule and that the company is going through a period of non recurring increased cost of wood, as already anticipated
to the market in other opportunities.
Pulp Cash Cost
R$/t
1Q15
572
Wood - forest to mill higher distance due to third party contribution
13
Exchange Rate
Higher energy and chemicals consumption
Higher chemicals prices
Higher results with utilities (enegy sale)
(4)
Maintenance downtimes
(9)
Others
(1)
2Q15
R$/t
2Q14
559
Wood - forest to mill higher distance due to third party contribution
35
Exchange Rate
27
Lower results with utilities (enegy sale)
12
Maintenance downtimes
Others
2Q15
559
572
583
2Q14
1Q15
2Q15
583
Pulp Cash Cost
Higher cost and consumption of chemicals and energy
Cash Cost
(R$/t)
Cash Cost ex-Downtime

(R$/t)
548
568
1Q15
2Q15
486
5
(58)
2Q14
3
583
2Q15 Results
Production Cash Cost
2Q14
Production Cash Cost

2Q15
Other Fixed
Personnel 4%
5%
Maintenance
12%
Other Fixed
Personnel
4%
5%
Maintenance
20%
Wood
43%
Other Variable
4%
Other Variable
3%
Wood
47%
Energy
5%
Energy
4%
Chemicals
24%
Chemicals
20%
Variable costs
Fixed costs
Selling expenses totaled R$107 million in 2Q15, 12% more than in 1Q15 mainly due to the increase in sales volume and
the appreciation of the average dollar against the real. The 21% increase over 2Q14 was also primarily due to the
appreciation of the dollar against the real, partially offset by lower sales volume. The selling expenses to net revenue
ratio remained flat at 5%.
Administrative expenses came to R$81 million, 12% and 30% up on 1Q15 and 2Q14, respectively, mainly due to the
update of the provision related to the stock-based variable compensation program.
In the case of other operating income (expenses), the Company recorded income of R$6 million in 2Q15, versus an
expense of R$21 million in 1Q15 and income of R$915 million in 2Q14. The quarter-on-quarter variation was chiefly due
to the revaluation of biological assets (with no impact on EBITDA), while the annual variation was due to the
disbursement of R$869 million in IPI premium tax credits granted by the BEFIEX Program in 2Q14.
EBITDA (R$ million) and
EBITDA Margin (%)
EBITDA/t
(R$/t)
50%
50%
35%
1,157
1,007
902
819
594
445
2Q14
1Q15
2Q15
2Q14
1Q15
2Q15
Adjusted EBITDA totaled R$1,157 million in 2Q15 with a margin of 50%. In comparison with 1Q15, EBITDA increased by
15%, due to the 11% upturn in the average net price in reais, in turn impacted by the 7% appreciation of the average
dollar and the 4% increase in the net pulp price in dollars, as well as higher sales volume, partially offset by higher cash
COGS. The 12-month upturn was due to the 38% appreciation of the average dollar and the 3% upturn in the average
net price in dollars, which offset the decline in sales volume. The graph below shows the main variations in the quarter:
2Q15 Results
EBITDA 2Q15 x 1Q15
R$ million and margin %
226
1,007
985
1,166
27
87
(138)
(11)
(8)
Cogs
S&M
G&A
1,157
(8)
(22)
EBITDA
Non-recurring
Ajustado 1Q15 effects / noncash(1)
EBITDA 1Q15
Volume
Price and
Exchange
Variation
Other
operational
expenses
EBITDA 2Q15
EBITDA
Non-recurring
effects / non- Ajustado 2Q15
cash
(1) Write-down of property, plant and equipment, provisions for ICMS tax credit losses, equity income and tax credits, and recovery of contingencies.
Financial Result
(R$ million)
Financial Income (including hedge result)
Interest on financial investments
Hedging(1)
2T15
1T15
2T14
6M15
6M14
253
(533)
82
(280)
228
23
16
23
39
49
2T15 vs
1T15
2T15 vs
2T14
6M15 vs
6M14
44%
0%
-20%
230
(549)
59
(319)
179
(108)
(101)
(109)
(209)
(246)
7%
-1%
-15%
Interest - loans and financing (local currency)
(47)
(45)
(52)
(92)
(104)
5%
-10%
-12%
Interest - loans and financing (foreign currency)
(61)
(56)
(57)
(117)
(142)
8%
7%
-17%
Monetary and Exchange Variations
184
(1,123)
113
(939)
264
63%
Foreign Exchange Variations - Debt
248
(1,302)
164
(1,054)
391
51%
Foreign Exchange Variations - Other
(64)
179
(51)
115
(127)
25%
(8)
11
(154)
(484)
-95%
(238)
Financial Expenses
Other Financial Income / Expenses(2)

Net Financial Result
321
(1,746)
(68)
(1,425)
(1)Change in the marked to market (2Q15: R$230 million | 1Q15: R$(549) million) added to received and paid adjustments.
Income from interest on financial investments came to R$23 million in 2Q15, 44% up on 1Q15, due to the 13% period
increase in the cash level, the freeing of an agricultural debt security and the updating of period interest appropriations.
Cash and market securities closed the quarter at R$1,457 million (excluding the mark-to-market of derivative
instruments), stable in relation to 2Q14. Hedge transactions generated a gain of R$230 million, from the positive variation
in fair value, especially of debt swaps (for more details in derivatives, see page 10).
Interest expenses on loans and financing totaled R$108 million in 2Q15, 7% up on the previous quarter, due to the
appreciation of the average dollar, new funding in the period and the increase in the in the TJLP (long-term interest rate)
and the CDI interbank rate, which pushed up the appropriation of interest on debt pegged to these indexing units. The
year-on-year reduction in interest expenses was offset by the appreciation of the average dollar, resulting in a 1%
decrease.
Foreign-exchange gains on dollar-denominated debt (93% of total debt), including real/dollar swaps, stood at R$184
million, versus a loss of R$1,123 million in 1Q15 and income of R$113 million in 2Q14. In relation to 2Q14, the negative
effect came from the 41% appreciation of the closing dollar (2Q15: R$3.1026 | 1Q15: R$3.2080| 2Q14: R$2.2025).
Other financial income (expenses) amounted to an expense of R$8 million in 2Q15, versus income of R$11 million in
1Q15, mainly due to PIS and COFINS expenses related to the payment of intercompany interest on equity in 2Q15. The
comparison to the 2Q14 is due to the R$154 million expense related to the repurchase of the 2020 (Voto IV) and 2021
(Fibria 2021) bonds on that period.
2Q15 Results
On June 30, 2015, the mark-to-market of derivative financial instruments was negative by R$639 million (a negative
R$25 million from operational hedges, a negative R$764 million from debt hedges, and a positive R$150 million from
embedded derivatives), versus a negative R$923 million on March 31, 2015, giving a positive variation of R$284 million.
This result was mainly due to the impact of the period appreciation of the real on outstanding debt swaps. Cash
disbursements from transactions that matured in the period totaled R$54 million (R$3 million of which in operational
hedges and R$51 million in debt hedges). As a result, the net impact on the financial result was positive by R$230
million. The following table shows Fibrias derivative hedge position at the end of June 2015:
Swaps
Maturity
Notional (MM)
jun/15
mar/15
Fair Value
jun/15
mar/15
Receive
US Dollar Libor (2)
may/19
$ 531
$ 534
R$ 1,582
R$ 1,613
Brazilian Real CDI (3)
aug/20
R$ 772
R$ 780
R$ 1,112
R$ 1,092
Brazilian Real TJLP (4)
dec/17
R$ 219
R$ 256
R$
210
R$
245
Brazilian Fixed (5)
dec/17
R$ 314
R$ 355
R$
256
R$
289
Receive Total (a)
R$ 3,160
R$ 3,239
Pay
US Dollar Fixed (2)
may/19
$ 531
$ 534
R$ (1,593) R$ (1,626)
US Dollar Fixed (3)
aug/20
$ 397
$ 401
R$ (1,511) R$ (1,547)
US Dollar Fixed (4)
dec/17
$ 135
$ 158
R$
(418) R$
(501)
US Dollar Fixed (5)
dec/17
$ 151
$ 171
R$
(402) R$
(467)
Pay Total (b)
R$ (3,924) R$ (4,141)
Net (a+b)
R$
Forward Total (c)
R$
(764) R$
(902)
R$
Option
US Dollar Options
up to 12M
$ 920 $ 1,345 R$
(25) R$
(183)
R$
(25) R$
(183)
Options Total (d)
Embedded Derivatives - Forestry Partnership and Standing Timber Supply

Agreements
Receive
US Dollar Fixed
Pay
US Dollar CPI
Embedded Derivatives
Total (e)
Net (a+b+c+d+e)
dec/34
$ 880
$ 891
R$
150
R$
162
dec/34
$ 880
$ 891
R$
R$
R$
150
R$
162
R$
(639) R$
(923)
Zero cost collar operations have proved to be more appropriate in the current exchange scenario, especially due to the
volatility of the dollar, as they lock the exchange rate at levels favorable to the Company while also limiting negative
impacts in the event of a significant depreciation of the real. These instruments allow for the protection of a foreign
exchange band favorable to cash flows, within which Fibria does not pay or receive the amount of the adjustments. In
addition to protecting the company in these scenarios, this feature also allows it to achieve greater benefits in terms of
export revenues should the dollar move up. Currently, these operations have a maximum term of 12 months, covering
38% of net foreign exchange exposure, and their sole purpose is to protect cash flow exposure. the Company conducted
a sensitivity analysis (below) for changes in the exchange rate, which shows the cash adjustments on the maturity of
each ZCC operation for each exchange level, which is different from the mark-to-market amount (for more details, see
Note 5 to the Financial Statements):
10
2Q15 Results
2Q15 - Cash adjustment next 12

months
Dlar
2.90
Cash adjustment
(R$ milhes)
-
3.00
3.10
(1)
3.20
(16)
3.30
(44)
3.50
(106)
Derivative instruments used to hedge debt (swaps) are designed to transform real-denominated debt into dollardenominated debt or protect existing debt against adverse swings in interest rates. Consequently, all of the swap asset
legs are matched with the flows of the respective hedged debt. The fair value of these instruments corresponds to the net
present value of the expected flows until maturity (average of 37 months in 2Q15) and therefore has a limited cash
impact.
The forestry partnership and standing timber supply contracts entered into on December 30, 2013 are denominated in
U.S. dollars per cubic meter of standing timber, adjusted in accordance with U.S. inflation measured by the CPI
(Consumer Price Index), which is not related to inflation in the areas where the forests are located, constituting,
therefore, an embedded derivative. This instrument, presented in the table above, is a sale swap of the variations in the
U.S. CPI for the period of the above-mentioned contracts. See note 5 (e) of the 1Q15 financial statements for more
details and a sensitivity analysis of the fair value in the event of a substantial variation in the U.S. CPI.
All financial instruments were entered into in accordance with the guidelines established by the Market Risk Management
Policy, and are conventional instruments without leverage or margin calls, duly registered with the CETIP (Securities
Custody and Financial Settlement Clearinghouse), which only have a cash impact on their respective maturities and
amortizations. The Companys Governance, Risk and Compliance area is responsible for the verification and control of
positions involving market risk and reports directly and independently to the CEO and the other areas and bodies
involved in the process, ensuring implementation of the policy. Fibrias Treasury area is responsible for executing and
managing the financial operations.
Net Result
The Company posted 2Q15 net income of R$614 million, versus a loss of R$566 million in 1Q15 and net income of
R$631 million in 2Q14. The quarter-on-quarter variation was chiefly due to the improved financial result.
Analyzing the result in terms of earnings per share, i.e. excluding depreciation, depletion and monetary and exchange
variations (see the reconciliation on page 23), the indicator was 14% higher than in 1Q15, thanks to the increase in the
average net price in reais and higher sales volume. The 94% year-on-year upturn was due to the 38% appreciation of the
average dollar against the real and the 3% increase in the net average price, offsetting the decline in sales volume. The
chart below shows the main factors impacting the 2Q15 net result, beginning with EBITDA in the same period:
11
2Q15 Results
Net income (R$ million)
swap
146
MtM
(54)
386
hedge
dvida
(85)
(448)
(478)
ZCC
cambial
1,157
dvida
(394)
corrente
(64)
diferido
Exchange
variation debt /
MtM debt
hedge
Adjusted
EBITDA
(1)
MtM
operational
hedge
Liquidao
Swap/ZCC
settlement
Net interest
Deprec.,
amortiz.and
depletion
Income Tax
Other
614
(1)
Net income
Includes other exchange variation expenses, non-recurring/non-cash expenses and other financial income/expenses.
Indebtedness
Unit
Gross Debt
R$ million
Jun/15
Mar/15
Jun/15 vs
Mar/15
Jun/14
Jun/15 vs
Jun/14
9,015
9,352
8,457
-4%
7%
Gross Debt in R$
R$ million
604
576
458
5%
32%
Gross Debt in US$(1)
R$ million
8,411
8,776
7,999
-4%
5%
Average maturity
Cost of debt (foreign currency)
Cost of debt (local currency)
(2)
(2)
Short-term debt
months
52
54
52
-2
% p.a.
3.9%
3.8%
3.8%
0.1 p.p.
0.1 p.p.
% p.a.
8.4%
8.0%
7.3%
0.4 p.p.
1.1 p.p.
20%
10%
10%
-0 p.p.
-10 p.p.
Cash and market securities in R$
R$ million
669
772
1,057
-13%
-37%
Cash and market securities in US$
R$ million
788
512
984
54%
-20%
Fair value of derivative instruments

Cash and cash Equivalents
(3)
Net Debt
Net Debt/EBITDA (in US$)
(4)
Net Debt/EBITDA (in US$)
R$ million
(639)
(923)
-31%
141%
R$ million
818
361
1,776
(265)
127%
-54%
R$ million
8,197
8,991
6,681
-9%
23%
2.23
2.88
2.34
-0.7
-0.1
1.95
2.30
2.43
-0.3
-0.5
(1) Includes BRL to USD sw ap contracts. The original debt in dollars w as R$ 7,094 million (79% of the total debt) and debt in reais w as R$ 1,921 million (21% of the debt)
(2) The costs are calculated considering the debt sw ap
(3) Includes the fair value of derivative instruments
(4) For covenant purposes
On June 30, 2015, gross debt stood at R$9,015 million, R$337 million, or 7%, down on 1Q15, mainly due to the
settlement of ACCs and ACEs (advances on foreign exchange contracts), period amortizations with the BNDES, NCEs
(export credit notes) and Export Pre-payment and the 3% devaluation of the dollar against the real, generating a positive
exchange variation of R$248 million. The 7% year-on-year upturn was due to the 41% appreciation of the closing dollar
against the real. The chart below shows the changes in gross debt during the quarter:
12
2Q15 Results
Gross Debt (R$ million)
283
9,352
108
(484)
9,015
Others
Gross Debt Jun/15
(248)
Gross Debt
Mar/2015
Loans
Principal/Interest
Payment
Interest Accrual
Foreign Exchange
Variation
The financial leverage ratio in dollars narrowed to 1.95x on June 30, 2015. The average total cost (*) of Fibrias dollar
debt was 3.6% p.a. (Mar/15: 3.5% p.a. | Jun/14: 3.5% p.a.) comprising the average cost of local currency bank debt of
8.4% p.a. (Mar/15: 8.0% p.a. | Jun/14: 7.3% p.a.), which moved up due to the impact of the increase in long-term interest
rate of 0.5 p.p. in April and another 0.5 p.p. as of the third quarter of 2015, and the cost in dollars of 3.9% p.a. (Mar/15:
3.8% p.a. | Jun/14: 3.8% p.a.). The graphs below show Fibrias indebtedness by instrument, indexing unit and currency
(including debt swaps):
(*)Average total cost, considering debt in reais adjusted by the market swap curve on June 30, 2015.
Gross Debt by Type
10%
Gross Debt by Index

6%
10%
2%
Gross Debt by Currency
7%
27%
44%
21%
57%
22%
Pre-Payment
BNDES
Others
Bond
NCE
93%
Libor
Pre Fixed
TJLP
Others
Local currency
Foreign currency
The average maturity of the total debt was 52 months in Jun/15 versus 54 months in Mar/15 and 52 months in Jun/14, in
line with the liability management initiatives implemented by the Company in 2014. The graph below shows the
amortization schedule of Fibrias total debt:
13
2Q15 Results
Amortization Schedule
(R$ million)
1,942
1,862
147
1,387
1,086
578
245
333
660
2015
2016
304
356
1,146
371
630
2017
194
1,795
456
1,016
1,862
279
152
127
2021
952
2018
2019
2020
Foreign Currency
99
66
44
22
2022
2023
2024
Local Currency
Cash and cash equivalents closed June 2015 at R$818 million, including the mark-to-market of hedge instruments
totaling a negative R$639 million. Excluding this impact, 53% of cash was invested in local currency, in government
bonds and fixed-income securities, and the remainder in short-term investments abroad.
The Company has four revolving credit facilities totaling R$1,719 million available for a period of four years (as of the
contract date), three of which in local currency totaling R$850 million (contracted in Mar/13 and Mar/14) at 100% of the
CDI plus 1.5% p.a. to 2.1% p.a. when utilized (0.33% p.a. to 0.35% p.a. when on stand-by) and one in foreign currency
totaling US$280 million (contracted in Mar/14), at the 3-month LIBOR plus 1.55% p.a. when utilized (35% of this spread
when on stand-by). These funds, despite not being utilized, help improve the Companys liquidity. Given the current cash
position of R$818 million, these lines totaling R$1,719 million have resulted in an immediate liquidity position of R$2,537
million. As a result, the cash to short-term debt ratio (including these stand-by credit facilities) closed 2Q15 at 2.8x.
The graph below shows the evolution of Fibrias net debt and leverage since June 2014:
Net Debt / EBITDA (x)
(R$)
2.70
2.43
(US$)
2.52
2.34
2.70
2.40
2.88
2.23
2.30
1.95
8,991
8,197
7,313
7,549
6.681
3,033
Jun/14
2,984
Sep/14
2,842
Dec/14
Net Debt (R$ million)
2,803
Mar/15
2,642
Jun/15
Net Debt (US$ million)
14
2Q15 Results
Capital Expenditure
(R$ million)
2Q15
1Q15
2Q14
6M15
6M14
2Q15 vs
1Q15
2Q15 vs
2Q14
6M15 vs
6M14
Last 12
months
Industrial Expansion
13
11
15
18
546%
13%
-15%
Forest Expansion
14
10
24
33
40%
104%
-26%
65
Subtotal Expansion
27
12
18
39
51
124%
47%
-22%
100
Safety/Environment
Forestry Renewal
Maintenance, IT, R&D, Modernization
35
-28%
13%
74%
22
335
288
287
623
501
16%
17%
25%
1,293
64
50
109
115
164
28%
-41%
-30%
242
Subtotal Maintenance
403
344
400
747
670
17%
1%
12%
1,557
Total Capex
430
356
418
787
721
21%
3%
9%
1,657
Capex totaled R$430 million in 2Q15, 21% and 3% up on 1Q15 and 2Q14, respectively, primarily due to increased
expenditure on forest maintenance, the acquisition of forestry equipment, expenditure on minor industrial projects, and
the technical proposal for the Horizonte II Project. The reduction in maintenance expenses in comparison to 2Q14 is due
to reduced equipment acquisitions, which had been substantial in the latter quarter.
Horizonte 2 Project
The Company has already contracted important service and equipment packages for the Horizonte 2 Project, which will
expand production capacity at the Trs Lagoas Mill, in Mato Grosso do Sul. To date, the Company has already
negotiated the supply of infrastructure, turbogenerators, works management, automatic valves, centrifugal pumps and
the entire energy transmission and distribution system, which includes primary substation, engines, the motor control
center (MCC) and transformers. The budget for the project remains US$2.5 billion.
Free Cash Flow

2Q15
1Q15
2Q14
Last 12
months
1,157
1,007
594
3,682
(-) Capex including advance for wood puchase
(430)
(356)
(418)
(1,657)
(-) Dividends
(149)
(149)
(-) Interest (paid)/received
(93)
(49)
(58)
(357)
(-) Income tax
(38)
(8)
(2)
(70)
(128)
(231)
131
(408)
(2)
11
28
317
373
248
1,070
(R$ million)
Adjusted EBITDA
(+/-) Working Capital

(+/-) Others
Free Cash Flow
(1)
(1) Does not include the Bond redemption disbursement
Free cash flow was positive by R$317 million in 2Q15, and before dividend payments, reached R$466 million versus a
positive R$373 million in 1Q15 and a positive R$248 million in 2Q14. The improvement over the previous quarter was
mainly due to the increase in EBITDA and the reduced impact of working capital. The year-on-year upturn was also due
to higher EBITDA, partially offset by the negative variation in working capital. It is worth noting that given the few days
postpone in the reception of sales proceeds, around R$78 million was only received at the beginning of July. If these
proceeds had been received within the quarter, free cash flow would have come to R$544 million.
15
2Q15 Results
ROE and ROIC
In regard to return metrics, it is worth noting certain adjustments in the accounting indicator, given the differences in
accounting treatment under IFRS (CPC 29 and CPC 15). Specifically regarding CPC 15, the Company took part in an
M&A transaction in 2009, which resulted in an additional accounting effect, which is being adjusted in the calculations as
shown below:
Return on Equity
Unit
2Q15
1Q15
2Q15 vs
1Q15
2Q14
2Q15 vs
2Q14
Shareholders' Equity
R$ million
14,563
14,059
15,142
4%
-4%
IFRS 3 and IAS 41 adjustments
R$ million
(2,741)
(2,891)
(3,173)
-5%
-14%
Shareholders' Equity (adjusted)
R$ million
11,822
11,168
11,968
6%
-1%
Shareholders' Equity (adjusted) - average (1)
R$ million
11,895
11,250
11,548
6%
3%
Adjusted EBITDA LTM
R$ million
3,682
3,119
2,857
18%
29%
Total Capex LTM
R$ million
(1,657)
(1,645)
(1,409)
1%
18%
Net interest LTM
R$ million
(357)
(322)
(386)
11%
-8%
Income Tax LTM
R$ million
(70)
(34)
(20)
103%
248%
R$ million
1,599
1,118
1,042
43%
53%
13.4%
9.9%
9.0%
3.5 p.p.
4.4 p.p.
Adjusted Income LTM
ROE
(1) Average of current and same quarter of the previous year.
Return on Invested Capital
Unit
2Q15
1Q15
2Q14
2Q15 vs
1Q15
2Q15 vs
2Q14
Accounts Receivable
R$ million
691
647
452
7%
53%
Inventories
R$ million
1,455
1,391
1,323
5%
10%
Current Liabilities (ex-debt)
R$ million
1,192
1,364
1,529
-13%
-22%
Biological Assets
R$ million
3,810
3,751
3,589
2%
6%
Fixed Assets
R$ million
9,007
9,115
9,598
-1%
-6%
Invested Capital
R$ million
16,155
16,269
16,491
-1%
-2%
IFRS 3 and IAS 41 adjustments
R$ million
(2,093)
(2,093)
(2,409)
0%
-13%
Adjusted Invested Capital
R$ million
14,063
14,176
14,082
-1%
0%
Adjusted EBITDA LTM
R$ million
3,682
3,119
2,857
18%
29%
Total Capex LTM
R$ million
(1,657)
(1,645)
(1,409)
1%
18%
Income Tax LTM
R$ million
(70)
(34)
(20)
103%
248%
Adjusted Income LTM
R$ million
1,956
1,440
1,428
36%
37%
ROIC
R$ million
13.9%
10.2%
10.1%
3.8 p.p.
3.8 p.p.
Capital Market
Equities
140
120
Average Daily Trading Volume

(US$ million)
Daily average:
US$42.1 million
100
80
60
40
20
0
Apr-15
May-15
BM&FBovespa
Jun-15
NYSE
Average Daily Trading Volume

(million shares)
10
9
8
7
6
5
4
3
2
1
0
Apr-15
Daily average:
3.0 million shares
May-15
BM&FBovespa
Jun-15
NYSE
16
2Q15 Results
Fibrias average daily traded volume in 2Q15 was approximately 3.0 million shares, 7% up on 1Q15, while daily financial
volume averaged US$42 million, up by 20% in the same period (US$22 million on the BM&FBovespa and US$20 million
on the NYSE).
Fixed Income
Yield
Jun/15 vs
Mar/15
Jun/15 vs
Jun/14
-0.6 p.p.
99.1
4%
1.9
2.5
0.4 p.p.
-0.2 p.p.
Unit
Jun/15
Mar/15
Jun/14
Fibria 2024 - Yield
4.8
5.4
Fibria 2024 - Price
USD/k
103.0
2.4
Treasury 10 y
Subsequent Events
4th Investor Tour

Fibrias 4th Investor Tour will take place on September 2 and 3, 2015 at the Veracel Mill. Marcelo Castelli, CEO,
Guilherme Cavalcanti, CFO, and other members of Fibrias Executive Board will participate in the event. This edition will
also feature UPM-Kymmene Corporation as an invited company, represented by Mr. Kim Poulsen, Executive Vice
President.
17
2Q15 Results
Appendix I Revenue x Volume x Price *
2Q15 vs 1Q15
Sales (Tons)
Net Revenue (R$ 000)
Price (R$/Ton)
2Q15 vs 1Q15 (%)
2Q15
1Q15
2Q15
1Q15
2Q15
1Q15
Tons
Revenue
Avge Price
125,629
129,350
190,740
170,682
1,518
1,320
(2.9)
11.8
15.1
1,156,679
1,099,750
2,098,860
1,804,663
1,815
1,641
5.2
16.3
10.6
1,282,308
1,229,100
2,289,601
1,975,344
1,786
1,607
4.3
15.9
11.1
Pulp
Domestic Sales
Foreign Sales
Total
2Q15 vs 2Q14
Sales (Tons)
2Q15

2Q14
2Q15
Price (R$/Ton)
2Q15 vs 2Q14 (%)
2Q14
2Q15
2Q14
Tons
Revenue
Avge Price
Pulp
Domestic Sales
Foreign Sales
Total
6M15 vs 6M14
125,629
117,063
190,740
129,290
1,518
1,104
7.3
47.5
37.5
1,156,679
1,217,316
2,098,860
1,542,755
1,815
1,267
(5.0)
36.0
43.2
1,282,308
1,334,378
2,289,601
1,672,044
1,786
1,253
(3.9)
36.9
42.5
Sales (Tons)
6M15

6M14
6M15
6M14
Price (R$/Ton)
6M15 vs 6M14 (%)
6M15
6M14
Tons
1,417
1,141
9.6
Revenue
Avge Price
Pulp
Domestic Sales
Foreign sales
Total
254,979
232,678
361,422
265,434
36.2
24.3
2,256,428
2,289,809
3,903,523
3,028,616
1,730
1,323
(1.5)
28.9
30.8
2,511,408
2,522,486
4,264,945
3,294,049
1,698
1,306
(0.4)
29.5
30.0
* Excludes Portocel
18
2Q15 Results
Appendix II Income Statement
INCOME STATEMENT - CONSOLIDATED (R$ million)
2Q15
1Q15
R$
Net Revenue
Domestic Sales
Foreign Sales
Cost of sales
Cost related to production
AV%
2Q14
R$
AV%
R$
AV%
2Q15 vs 1Q15 2Q15 vs 2Q14

(%)
(%)
2,309
100%
1,997
100%
1,694
100%
16%
36%
210
9%
192
10%
151
9%
9%
39%
2,099
91%
1,805
90%
1,543
91%
16%
36%
(1,441)
-62%
(1,272)
-64%
(1,451)
-86%
13%
-1%
(1,224)
-53%
(1,076)
-54%
(1,244)
-73%
14%
-2%
(217)
-9%
(196)
-11%
(207)
-12%
11%
5%
868
38%
725
36%
243
14%
20%
258%
Freight
Operating Profit
Selling and marketing
(107)
-5%
(95)
-5%
(88)
-5%
12%
21%
(81)
-4%
(73)
-4%
(62)
-4%
12%
30%
Financial Result
321
14%
(1,746)
-87%
(68)
-4%
-118%
(0)
0%
0%
0%
-105%
0%
(21)
-1%
915
54%
-131%
-99%
Equity
Operating Income
1,008
Current Income taxes expenses

Deffered Income taxes expenses
44%
(1,209)
-61%
939
55%
-183%
7%
(19)
-1%
(60)
-3%
(90)
-5%
-69%
-79%
71%
(375)
-16%
703
35%
(218)
-13%
-153%
Net Income (Loss)
614
27%
(566)
-28%
631
37%
-209%
-3%
Net Income (Loss) attributable to controlling equity interest
612
26%
(569)
-29%
630
37%
-207%
-3%
105%
Net Income (Loss) attributable to non-controlling equity interest

Depreciation, amortization and depletion
EBITDA
0%
0%
0%
-21%
478
21%
448
22%
487
29%
7%
-2%
88%
18%
-22%
1,165
Equity
50%
0%
(30)
-1%
Fixed Assets disposals
(1)
0%
Accruals for losses on ICMS credits
23
1%
Fair Value of Biological Assets
Tax Credits/Reversal of provision for contingencies

EBITDA adjusted (*)
(0)
985
(1)
50%
1,494
0%
0%
-105%
0%
(87)
-5%
0%
0%
0%
-124%
20
1%
22
1%
16%
2%
0%
(839)
-50%
-33%
50%
594
35%
15%
95%
0%
1,157
49%
(1)
1,007
Income Statement - Consolidated (R$ million)

6M15
R$
Net Revenue
Domestic Sales
Foreign Sales
Cost of sales
Cost related to production
Freight
Operating Profit
6M14
AV%
R$
6M 15 vs
6M 14 (%)
AV%
4,306
100%
3,336
100%
29%
403
9%
308
9%
31%
29%
3,904
91%
3,029
91%
(2,713)
-63%
(2,699)
-81%
1%
(2,300)
-53%
(2,312)
-69%
-1%
(413)
-10%
(387)
-12%
7%
37%
637
19%
150%
1,593
Selling and marketing
(202)
-5%
(167)
-5%
21%
(154)
-4%
(131)
-4%
18%
(1,425)
-33%
(238)
-7%
0%
Financial Result
Equity
0%
(14)
0%
(201)
-5%
Current Income taxes expenses
(79)
-2%
Deffered Income taxes expenses
328
8%
Net Income (Loss)
48
1%
Net Income (Loss) attributable to controlling equity interest
42
6
926
22%
LAIR
Net Income (Loss) attributable to non-controlling equity interest

Depreciation, amortization and depletion
EBITDA
Equity
Fair Value of Biological Assets
Property, Plant and Equipment disposal
2,150
920
28%
31%
(101)
-3%
-22%
(270)
-8%
650
19%
-93%
1%
647
19%
-93%
0%
0%
66%
899
27%
3%
0%
1,022
50%
2,159
65%
(1)
0%
0%
(30)
-1%
(87)
-3%
-66%
0%
0%
-31%
Accruals for losses on ICMS credits
43
1%
48
1%
-10%
Tax Incentive
(1)
0%
(851)
EBITDA adjusted
2,164
50%
1,272
-25%
38%
70%
19
2Q15 Results
Appendix III Balance Sheet
BALANCE SHEET (R$ million)
ASSETS
Jun/15
Mar/15
Dec/14
3,862
3,595
3,261
685
567
461
Securities
701
664
683
26
25
30
CURRENT
Trade accounts receivable, net
Jun/15
Mar/15
Dec/14
2,086
2,313
2,099
Short-term debt
894
948
965
Derivative Instruments
248
446
186
Trade Accounts Payable
637
580
593
Payroll and related charges
111
77
135
98
93
56
39
39
99
131
125
NON CURRENT
9,851
10,213
8,879
Long-term debt
8,121
8,404
7,361
LIABILITIES
CURRENT
691
647
538
1,455
1,391
1,239
Recoverable taxes
183
184
163
Dividends and Interest attributable to capital payable
Others
120
117
148
Others
5,205
5,487
4,740
72
52
51
Inventories
NON CURRENT
Tax Liability
175
188
161
Deferred income taxes
1,511
1,892
1,191
Recoverable taxes
1,858
1,768
1,752
Fostered advance
701
697
695
Assets avaiable for sale
598
598
598
Assets avaiable for sale
477
477
477
Others
290
291
291
Others
257
229
207
14,506
14,004
14,564
9,729
9,729
9,729
Investments
Accrued liabilities for legal proceedings
146
150
145
Deferred income taxes , net
257
262
267
Tax Liability
593
691
422
95
97
80
Property, plant & equipment , net
9,007
9,115
9,253
Issued Share Capital
Biological assets
3,810
3,751
3,708
Capital Reserve
Intangible assets
4,521
4,539
4,552
Statutory Reserve
3,160
2,659
3,228
Equity valuation adjustment
TOTAL ASSETS
26,500
26,585
25,594
SHAREHOLDERS' EQUITY - Controlling interest
1,621
1,623
1,613
Treasury stock
(10)
(10)
(10)
Minority interest
58
55
52
TOTAL SHAREHOLDERS' EQUITY
14,563
14,059
14,616
TOTAL LIABILITIES
26,500
26,585
25,594
20
2Q15 Results
Appendix IV Statement of Cash Flows
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOW (R$ million)
2Q15
INCOME (LOSS) BEFORE TAXES ON INCOME
1,008
1Q15
(1,209)
2Q14
6M15
6M14
939
(236)
1,022
Adjusted by
(+) Depreciation, depletion and amortization
478
448
(+) Foreign exchange losses, net
(183)
1,123
(+) Change in fair value of derivative financial instruments
(230)
549
(+) Equity in losses of jointly-venture

(+) Fair value of biological assets
0
(30)
(+) (Gain)/loss on disposal of property, plant and equipment
(1)
-
487
926
899
(113)
940
(264)
(59)
354
(179)
(1)
(87)
(30)
(87)
(1)
(+) Interest and gain and losses in marketable securities
(24)
(14)
(23)
(38)
(45)
(+) Interest expense
109
101
109
208
246
154
456
(+) Financial charges of Eurobons "Fibria 2020" partial repurchase transaction

(+) Impairment of recoverable ICMS
23
(+) Provisions and other

(+) Tax Credits
20
3
-
(+) Program Stock Options
22
43
(3)
-
(839)
0
48
15
(850)
3
Decrease (increase) in assets

Inventories
Recoverable taxes
Other assets/advances to suppliers
(57)
40
(57)
(18)
(115)
(36)
(115)
56
(152)
(27)
(111)
(55)
(58)
(165)
(33)
26
154
(7)
(70)
152
Increase (decrease) in liabilities

Trade payable
Taxes payable
52
(62)
40
(9)
42
24
(17)
(24)
34
(58)
(0)
(24)
(35)
10
(5)
(11)
Other payable
(1)
Cash provided by operating activities

Interest received
Interest paid
Income taxes paid
NET CASH PROVIDED BY OPERATING ACTIVITIES
20
17
20
37
43
(113)
(66)
(78)
(179)
(239)
(38)
(8)
(2)
896
729
666
(46)
(5)
1,625
977
Cash flows from investing activities

(412)
(340)
(398)
(752)
Advance for wood acquisition from forestry partnership program
Acquisition of property, plant and equipment and forest
(18)
(16)
(20)
(34)
(17)
Marketable securities, net
(52)
26
(132)
(27)
137
Cash from sale of investments - Asset Light project
903
Proceeds from sale of property, plant and equipment
20
(704)
26
30
(8)
Derivative transactions settled
(54)
(44)
(9)
(97)
(20)
Subsidiary incorporation - Fibria Innovations
(12)
(12)
(0)
(0)
(0)
(381)
(531)
(891)
Others
NET CASH USED IN INVESTING ACTIVITIES
(510)
(1)
290
Cash flows from financing activities

Borrowings
Repayments - principal amount
Eurobonds
Dividendos pagos
Other
NET CASH USED IN FINANCING ACTIVITIES
283
139
1,518
423
2,427
(371)
(456)
(1,389)
(827)
(3,513)
(149)
1
(236)
(143)
(326)
(149)
3
(313)
(11)
(549)
(1,405)
Effect of exchange rate changes on cash and cash equivalents
(32)
71
(25)
38
(77)
Net increase (decrease) in cash and cash equivalents
118
106
99
223
(215)
Cash and cash equivalents at beginning of year
567
461
958
461
1,272
Cash and cash equivalents at end of year
685
567
1,057
685
1,057
21
2Q15 Results
Appendix V Breakdown of EBITDA and Adjusted EBITDA (CVM Instruction 527/2012)
Adjusted EBITDA (R$ million)
2Q15
1Q15
2Q14
Income (loss) of the period
614
(566)
631
(+/-) Financial results, net
(321)
1,746
68
(+) Taxes on income
393
(643)
308
(+) Depreciation, amortization and depletion
478
448
487
1,165
985
1,494
EBITDA
(+) Equity
(-) Fair Value of Biological Assets
0
(30)
(1)
-
(87)
(+/-) Loss (gain) on disposal of property, plant and equipment
(1)
(+) Accrual for losses on ICMS credits
23
20
22
(-) Tax credits/reversal of provision for contingencies
(0)
(1)
(839)
1,157
1,007
594
EBITDA Adjusted
EBITDA is not a standard measure defined by Brazilian or international accounting rules and represents earnings (loss)
in the period before interest, income tax and social contribution, depreciation, amortization and depletion. The Company
presents adjusted EBITDA according to CVM Instruction 527 of October 4, 2012, adding or subtracting from the amount
the equity accounting, the provisions for losses on recoverable ICMS, non-recurring write-offs of fixed assets, the fair
value of biological assets and tax credits/reversal of provision for contingencies to provide better information on its ability
to generate cash, pay its debt and sustain its investments. Neither measurement should be considered as an alternative
to the Companys operating income and cash flows or an indicator of liquidity for the periods presented.
22
2Q15 Results
Appendix VI Economic and Operational Data
Exchange Rate (R$/US$)
2Q15
1Q15
4Q14
3Q14
2Q14
1Q14
2Q15 vs
1Q15
2Q15 vs
2Q14
1Q15 vs
4Q14
3Q14 vs
2Q14
2Q14 vs
1Q14
Closing
3.1026
3.2080
2.6562
2.4510
2.2025
2.2630
-3.3%
40.9%
20.8%
11.3%
-2.7%
Average
3.0731
2.8737
2.5437
2.2745
2.2295
2.3652
6.9%
37.8%
13.0%
2.0%
-5.7%
Pulp net revenues distribution, by region
2Q15
1Q15
2Q15 vs
1Q15
2Q14
Europe
42%
47%
42%
North America
24%
18%
23%
Asia
26%
26%
27%
8%
9%
8%
-0 p.p.
Brazil / Others
Pulp price - FOEX BHKP (US$/t)

Europe
Financial Indicators
2Q15 vs Last 12
2Q14 months
-0 p.p.
42%
6 p.p.
1 p.p.
24%
-1 p.p.
-1 p.p.
25%
1 p.p.
9%
-6 p.p.
Jun-15
Mar-15
Apr-15
Mar-15
Feb-15
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
793
782
767
755
748
743
741
734
735
725
728
733
Jun/15
Mar/14
Jun/14
Net Debt / Adjusted EBITDA (LTM*) (R$)
2.23
2.88
2.34
Net Debt / Adjusted EBITDA (LTM*) (US$)
1.95
2.30
2.43
Total Debt / Total Capital (gross debt + net equity)
0.4
0.4
0.4
Cash + EBITDA (LTM*) / Short-term Debt
5.0
3.7
3.3
1Q15
2Q14
(1,209)
939
*LTM: Last tw elve months
Reconciliation - net income to cash earnings (R$ million)

Net Income (Loss) before income taxes
(+) Depreciation, depletion and amortization
2Q15
1,008
478
448
487
(+) Unrealized foreign exchange (gains) losses, net
(183)
1,123
(113)
(+) Change in fair value of derivative financial instruments
(230)
549
(59)
(+) Equity
(+) Change in fair value of biological assets
0
(30)
(+) Loss (gain) on disposal of Property, Plant and Equipment
(1)
-
(87)
(1)
(+) Interest on Securities, net
(24)
(14)
(23)
(+) Interest on loan accrual
109
99
109
(+) Financial charges on BONDS redemption
(+) Accruals for losses on ICMS credits

(+) Provisions and other
(+) Tax Credits
154
20
3
-
(+) Stock Options program

Cash earnings (R$ million)
23
(1)
-
22
2
(839)
-
1,155
1,017
595
Outstanding shares (million)
554
554
554
Cash earnings per share (R$)
2.1
1.8
1.1
23

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Fibria Celulose S.A.

Unaudited Consolidated Interim Financial

REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION

Eduardo Affonso de Vasconcelos

Fibria Celulose S.A.

Investments (Note 15)

Fibria Celulose S.A.

Liabilities and shareholders' equity

Equity attributable to shareholders of the Company

Total shareholders' equity

Total liabilities and shareholders' equity

Equity attributable to non-controlling interests

Fibria Celulose S.A.

Operating income (expenses)

Net income for the period

Basic earnings per share - in Reais (Note 25(a))

Diluted earnings per share - in Reais (Note 25(b))

Revenues (Note 21)

Income before financial income and expenses

Income (loss) before income taxes

Fibria Celulose S.A.

Net income for the period

Total comprehensive income for the period, net of taxes

Fibria Celulose S.A.

As at December 31, 2014

Transactions with shareholders

Fibria Celulose S.A.

Fibria Celulose S.A.

Net cash provided by (used in) investing activities

Cash flows from financing activities

Net increase (decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of the period

Cash and cash equivalents at end of the period

Fibria Celulose S.A.

Operations and current developments

Non-current assets held for sale

Fibria Celulose S.A.

Approval of the expansion plan of the Trs Lagoas Unit

Presentation of consolidated interim financial information

Consolidated interim financial information - basis of preparation

Accounting policies adopted

Fibria Celulose S.A.

Approval of the consolidated

Critical accounting estimates

New standards, amendments and

Main points introduced by the

The Company is currently

The Company is currently

Fibria Celulose S.A.

At December 31, 2014

Foreign exchange risk

Assets in foreign currency

Liabilities in foreign currency

Fibria Celulose S.A.

Sensitivity analysis in changes in interest rate

Fibria Celulose S.A.

Impact of an increase/decrease of the interest

Loans and financing

Marketable securities (a)

Sensitivity analysis in changes in the

Embedded derivative in forestry partnership and

Fair value estimates

Fibria Celulose S.A.

June 30, 2015